Home› India› Ministry of Finance› Notification under clause (46) of section 10 of Income tax A...
Date: 05-Jan-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under clause (46) of section 10 of Income tax Act 1961 in case of Polavaram Project Authority

Issued by Ministry of Finance · Department of Revenue

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • The notification grants income tax exemption to the Polavaram Project Authority, Hyderabad, for specific income types.
  • The exemption applies to grants received from the Central Government and interest earned on bank deposits.
  • The exemption is subject to conditions, including that the Authority does not engage in commercial activities and files income tax returns.

Key Changes

  • The Central Government notifies the Polavaram Project Authority, Hyderabad (PAN: AAAGP0436N) for income tax exemption under Section 10(46) of the Income-tax Act, 1961.
  • The exemption covers grants received from the Central Government and interest earned on bank deposits.
  • The notification is effective retrospectively for assessment years 2020-2021, 2021-2022, 2022-2023 and 2023-2024, corresponding to financial years 2019-2020, 2020-2021, 2021-2022 and 2022-2023 respectively.
  • The Polavaram Project Authority must not engage in any commercial activity to avail of this exemption.
  • The nature of activities and specified income should remain unchanged throughout the financial years.
  • The Polavaram Project Authority has to file income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.

Impact Analysis

Polavaram Project Authority

  • Action Item: Ensure compliance with conditions specified in the notification to avail the tax exemption. File necessary income tax returns.

Central Government

  • Action Item: Monitor the Polavaram Project Authority's compliance with the conditions of the notification.

Tax Authorities

  • Action Item: Ensure proper implementation of the notification and provide guidance to the Polavaram Project Authority on compliance.

Key Entities Referenced

Polavaram Project Authority, Hyderabad: An Authority constituted by the Central Government for the Polavaram Project (PAN: AAAGP0436N). Central Board of Direct Taxes (CBDT): The issuer of the notification, under the Department of Revenue, Ministry of Finance. Income-tax Act, 1961: The principal legislation governing income tax in India. Section 10(46) provides for exemption of income of certain authorities.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-05012024-251174 CG-DxLx-xEG-I0D5H0x1x2x0 24-251174 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 76] नई दिल्ली, िुक्रिार, िनिरी 5, 2024/पौर्ष 15, 1945 No. 76] NEW DELHI, FRIDAY, JANUARY 5, 2024/PAUSHA 15, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 5 िनिरी, 2024 का.आ. 82(अ).— आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खडं (46) द्वारा प्रित्त िजियों का प्रयोग करते हुए, केन्द्द्र सरकार ‘पोलािरम पररयोिना प्राजधकरण, हिै राबाि (पनै : AAAGP0436N), केन्द्द्र सरकार द्वारा गरित एक प्राजधकरण, को उद्भूत होन े िाली जनम्नजलजखत जिजनर्िष्टड आय के संबंध में उि खंड के प्रयोिनार् ड अजधसूजचत करती ह,ै अर्ाडत:्- (क) केन्द्द्र सरकार से प्राप्त अनुिान; और (ख) बैंक िमाओं पर अर्िडत ब्याि। 2. यह अजधसूचना इन ितों के अध्यधीन होगी दक ‘पोलािरम पररयोिना प्राजधकरण’ हिै राबाि,- (क) दकसी व्यािसाजयक कायडकलाप में जलप्त नहीं होगा; (ख) जित्तीय िर्षों के िौरान कायडकलाप तर्ा जिजनर्िष्टड आय की प्रकृजत अपररिर्तडत रहगें ी; और (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा(4ग) के खंड(छ) के प्रािधानों के अनसु ार आयकर जििरणी फाइल करेगा। 148 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 3. यह अजधसूचना जनधाडरण िर्षों 2020-2021, 2021-2022, 2022-2023 और 2023-2024 के जलए लागू की गई मानी िाएगी तर्ा क्रमिः जित्तीय िर्षों 2019-2020, 2020-2021, 2021-2022 और 2022-2023 के जलए संगत होगी। [अजधसूचना स.ं 9 /2024 फा. स.ं 300196/51/2019-आईटीए-I] जिकास ससंह, जनिेिक, (आईटीए-I) स्ट्पष्टीकरण ज्ञापन प्रमाजणत दकया िाता ह ैदक इस अजधसूचना को भतू लक्षी प्रभाि िेन े से दकसी व्यजि पर प्रजतकूल प्रभाि नहीं पड़ रहा ह ै MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th January, 2024 S.O. 82(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Polavaram Project Authority, Hyderabad (PAN: AAAGP0436N), an Authority constituted by the Central Government in respect of the following specified income arising to the said Authority, as follows: (a) Grants received from the Central Government; and (b) Interest earned on bank deposits. 2. This notification shall be effective subject to the conditions that Polavaram Project Authority, Hyderabad – (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and (c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961. 3. This notification shall be deemed to have been applied for assessment years 2020-2021, 2021-2022, 2022- 2023 and 2023-2024 relevant for the financial years 2019-2020, 2020-2021, 2021-2022 and 2022-2023 respectively. [Notification No. 9/2024 F. No. 300196/51/2019-ITA-I] VIKAS SINGH, Director (ITA-I) Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification. . Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Continue your research

Related Documents from Ministry of Finance