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Date: 16-Aug-2023 Category: Extra Ordinary State: Union Government Country: India

Notification under section 10(46) in case of Urban Improvement Trust Udaipur, (PAN AAALU0072E), a Trust constituted by the State Government of Rajasthan

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification grants income tax exemption to 'Urban Improvement Trust Udaipur' under Section 10(46) of the Income-tax Act, 1961, for specific incomes.
  • This exemption applies retrospectively to assessment years 2013-2014 through 2017-2018, corresponding to financial years 2012-2013 through 2016-2017.

Key Changes

  • The Central Government notifies 'Urban Improvement Trust Udaipur' (PAN AAALU0072E) for income tax exemption under Section 10(46) of the Income-tax Act, 1961.
  • The exemption covers specific incomes including: Grants from the State Government, proceeds from disposal of land, buildings and other properties, rental/lease income from land, buildings and other properties, fees/interest/charges received under the Rajasthan Urban Improvement Trust Act, 1959, interest earned on the aforementioned incomes, and interest on loans received from the State Government.
  • The notification is effective subject to the conditions that the Urban Improvement Trust Udaipur does not engage in any commercial activity, the nature of specified income remains unchanged throughout the financial years, and it files income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.
  • The notification applies retrospectively to assessment years 2013-2014, 2014-2015, 2015-2016, 2016-2017 and 2017-2018, relevant to the financial years 2012-2013, 2013-2014, 2014-2015, 2015-2016 and 2016-2017 respectively.
  • The retrospective application is in consideration of the order from the Hon’ble High Court of Judicature for Rajasthan at Jodhpur in the matter of Urban Improvement Trust, Udaipur V. Union of India and Anr. in [D.B. Writ Petition (Civil) No.1004 of 2016], dated 21st of April, 2023.

Impact Analysis

Urban Improvement Trust Udaipur

  • Action Item: Review past financial records for the assessment years 2013-2014 to 2017-2018 to assess the impact of the exemption and ensure compliance with the conditions. File revised income tax returns if necessary.

State Government of Rajasthan

  • Action Item: Ensure that grants and loans provided to the Urban Improvement Trust Udaipur are properly documented to facilitate compliance with the notification.

Central Board of Direct Taxes (CBDT)

  • Action Item: Ensure that the relevant assessment officers are informed about the notification and its implications.

Key Entities Referenced

Urban Improvement Trust Udaipur: A Trust constituted by the State Government of Rajasthan (PAN AAALU0072E). Income-tax Act, 1961: The principal legislation governing income tax in India. Section 10(46) provides for exemption of income of certain bodies or authorities. Rajasthan Urban Improvement Trust Act, 1959: The state legislation under which the Urban Improvement Trust Udaipur operates. Central Board of Direct Taxes (CBDT): A part of the Department of Revenue in the Ministry of Finance, Government of India. It provides inputs for policy and planning of direct taxes in India.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-16082023-248135 CG-DxLx-xEG-I1D6H0x8x2x0 23-248135 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.ं 3507] नई दिल्ली, बुधिार, अगस्ट्त 16, 2023/श्रािण 25, 1945 No. 3507] NEW DELHI, WEDNESDAY, AUGUST 16, 2023/SHRAVANA 25, 1945 जित्त मत्रं ालय रािस्ट्ि जिभाग (केंद्रीय प्रत्यक्ष कर बोड)ड अजधसचू ना नई दिल्ली, 16 अगस्ट्त, 2023 का.आ. 3666(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करत े हुए, केंद्र सरकार 'नगर सुधार न्यास उियपरु ' (पैन AAALU0072E), रािस्ट्थान राज्य सरकार द्वारा गठित एक न्यास, उस न्यास को उद्भूत जनम्नजलजखत जनर्िष्टड आय के संबंध म,ें उि खंड के प्रयोिनाथ ड अजधसूजचत करती ह,ै अथाडत:् - (क) राज्य सरकार स ेप्राप्त अनुिान; (ख) भूजम, भिन और अन्य संपजत्तयों के जनपटान से प्राप्त धन; (ग) भूजम, भिन और अन्य संपजत्तयों के दकराए/पट्टे स ेप्राप्त धन; (घ) रािस्ट्थान नगर सुधार न्यास अजधजनयम, 1959 के अन्तगडत प्राप्त िल्ु को, ब्याि अथिा दकन्हीं अन्य प्रभारों के माध्यम से प्राप्त धन; (ड.) उपयुडक् त (क) स े (घ) पर अर्िडत ब्याि; और (च) राज्य सरकार स ेप्राप्त ऋणों पर ब्याि। 5285 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 2. यह अजधसूचना इन ितों के अध्यधीन प्रभािी होगी दक नगर सधु ार न्यास उियपुर, - (क) दकसी भी व्यािसाजयक गजतजिजध म ें िाजमल नहीं होगा; (ख) जित्तीय िर्षों के िौरान गजतजिजधयों और जिजनर्िष्टड आय की प्रकृजत अपठरिर्तडत रहगे ी; और (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4ग) के खंड (छ) के प्रािधान के अनुसार, आय की जििरणी फाईल करेगा। 3. यह अजधसूचना जनधाडरण िर्षड 2013-2014, 2014-2015, 2015-2016, 2016-2017 और 2017-2018 के जलए लाग ू मानी िाएगी िो क्रमिः जित्तीय िर्षड 2012-2013, 2013-2014, 2014-2015, 2015-2016 और 2016-2017 के जलए प्रासंजगक ह।ै [अजधसूचना सं. 62/2023/फा. स.ं 300196/2/2023-आईटीए-I] जिकास ससंह, जनिेिक, आईटीए-I स्ट्पष्टीकरण ज्ञापन इस अजधसूचना को नगर सुधार न्यास उियपुर बनाम भारत संघ और अन्य [डीबी 2016 की ठरट याजचका (जसजिल) स.ं 1004], दिनांक 21 अप्रैल, 2023 के मामले म ें िोधपुर स्जथत रािस्ट्थान के माननीय उच् च न्यायालय के आिेि को ध्यान म ें रखत े हुए, जित्तीय िर्षड 2012-2013 स े जित्तीय िर्षड 2017-2018 के जलए पूिडव्यापी प्रभािी होगी िो क्रमि: जित्तय िर्ष ड 2012-13 से 2016-17 के जलए संगत ह।ै यह प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को पूिडव्यापी प्रभाि िेन े स े दकसी भी व्यजि पर प्रजतकूल प्रभाि नहीं पड़ रहा ह।ै MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th August, 2023 S.O. 3666(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, ‘Urban Improvement Trust Udaipur’, (PAN AAALU0072E), a Trust constituted by the State Government of Rajasthan, in respect of the following specified income arising to that Trust, namely:- (a) Grants received from the State Government; (b) Moneys received from the disposal of land, building and other properties; (c) Moneys received by way of rent/lease of land, building and other properties; (d) Moneys received by way of fees, interest or any other charges received under the Rajasthan Urban Improvement Trust Act, 1959; (e) Interest earned on (a) to (d) above; and (f) Interest on Loans received from the State Government. 2. This notification shall be effective subject to the conditions that Urban Improvement Trust Udaipur,- (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.[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3 3. This notification shall be deemed to have been applied for the assessment years 2013-2014, 2014-2015, 2015- 2016, 2016-2017 and 2017-2018 relevant to the financial years 2012-2013, 2013-2014, 2014-2015, 2015-2016 and 2016-2017 respectively. [Notification No. 62/2023/F.No. 300196/2/2023-ITA-I] VIKAS SINGH, Director, ITA-I Explanatory Memorandum This notification shall be given retrospective effect for the assessment years 2013-2014 to 2017-18 relevant to the financial years 2012-2013 to 2016-2017, respectively, in view of the Order of the Hon’ble High Court of Judicature for Rajasthan at Jodhpur in matter of Urban Improvement Trust, Udaipur V. Union of India and Anr. in [D.B. Writ Petition (Civil) No.1004 of 2016], dated 21st of April, 2023. 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.

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