Home› India› Ministry of Finance› Notification under section 10(46) of the Income Tax Act, 196...
Date: 07-Aug-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under section 10(46) of the Income Tax Act, 1961 in case of Kalyan Karnataka Region Development Board

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

Description of the Gazette Notification

  • This notification, issued by the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, India, grants tax exemption under Section 10(46) of the Income Tax Act, 1961, to the Kalyan Karnataka Region Development Board (KKRDB).
  • The exemption covers specific income: grants received from the Karnataka State Government and interest earned on bank deposits.

Key Changes

  • The Kalyan Karnataka Region Development Board (KKRDB), a body constituted by the Government of Karnataka (PAN: AAAGH0732F), is granted exemption from income tax on specified income for assessment years 2022-2023 and 2023-2024 (relevant to financial years 2021-2022 and 2022-2023).
  • The exemption is conditional: KKRDB must not engage in commercial activities; its activities and the nature of its specified income must remain unchanged; and it must file income tax returns as per Section 139(4C)(g) of the Income Tax Act, 1961.
  • The notification is applied retrospectively for the assessment years 2022-2023 and 2023-2024, but according to the explanatory memorandum, this does not adversely affect any person.

Impact Analysis

Impact on Kalyan Karnataka Region Development Board (KKRDB)

  • Action Item: Ensure compliance with the conditions of the exemption, including abstaining from commercial activities and filing tax returns as required.

Impact on the Government of Karnataka

  • Action Item: Continue to provide necessary grants and oversight to ensure the KKRDB operates within the stipulated conditions.

Impact on the Central Government (Ministry of Finance)

  • Action Item: Monitor KKRDB's activities to ensure compliance with the conditions of the exemption and evaluate the effectiveness of the exemption in achieving its intended developmental goals.

Impact on other stakeholders

  • Action Item: None specifically; the impact is indirect and dependent on the KKRDB's successful implementation of its development plans.

Key Entities Referenced

Kalyan Karnataka Region Development Board (KKRDB): A Board constituted by the Government of Karnataka, responsible for regional development. PAN: AAAGH0732F Government of Karnataka: The state government that established the KKRDB and provides grants. Ministry of Finance (Department of Revenue), Central Board of Direct Taxes: The issuing authority of the notification, responsible for India's income tax system. Income Tax Act, 1961: The legislation under which the tax exemption is granted (specifically Section 10(46) and Section 139(4C)(g)).
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.-07082024-256131 CG-DxLx-xEG-I0D7H0x8x2x0 24-256131 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.ं 3054] नई दिल्ली, बुधिार, अगस्ट्त 7, 2024/ श्रािण 16, 1946 No. 3054] NEW DELHI, WEDNESDAY, AUGUST 7, 2024/ SHRAVANA 16, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अधिसचू ना नई दिल्ली, 7 अगस्ट् त, 2024 का.आ. 3203(अ).— आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करते हुए, केंद्र सरकार, एतद्द्वारा उि खडं के प्रयोिनों के जलए ‘कल्याण कनाडटक क्षेत्र जिकास बोडड’ (पैन: AAAGH0732F), कनाटड क राज्य सरकार द्वारा गठित एक बोडड को उद्भूत होने िाली जनम्नजलजखत जिजनर्िडष्ट आय के संबंध में अजधसूजित करती ह,ै अर्ाडत:् (क) कनाडटक राज्य सरकार से प्राप्त अनुिान, (ख) बैंक िमा पर ब्याि। 4991 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 2. यह अजधसूिना उन ितों के अध्यधीन प्रभािी होगी दक ‘कल्याण कनाडटक क्षेत्र जिकास बोडड’, - (क) दकसी भी व् यािसाजयक गजतजिजध में िाजमल नहीं होगा; (ख) इसकी गजतजिजधयां और जनर्िडष्ट आय की प्रकृजत परू े जित्तीय िर्षों म ें अपठरिर्तडत रहगें ी; और (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4 ग) के खंड (छ) के उपबंध के अनुसार आय की जििरणी िाजखल करेगा। 3. यह अजधसूिना जित्तीय िर्षों 2021-2022 एिं 2022-2023 के जलए संगत जनधाडरण िर्षों 2022-2023 एि ं 2023-2024 के जलए लागू मानी िाएगी। [अजधसूिना स.ं 97 /2024/फा.सं.300196/3/2022-आईटीए-I] जिकास ससंह, जनिेिक (आईटीए-I) स्ट्प ष्ट ीकरण ज्ञापन यह प्रमाजणत दकया िाता ह ै दक इस अजधसूिना को भूतलक्षी प्रभाि िेने से 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 7th August, 2024 S.O. 3203(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, ‘Kalyan Karnataka Region Development Board’ (PAN AAAGH0732F), a Board constituted by the Government of Karnataka, in respect of the following specified income arising to that Board, namely:- (a) Grants received from State Government of Karnataka. (b) Interest on bank deposits. 2. This notification shall be effective subject to the conditions that Kalyan Karnataka Region Development Board - (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 the assessment years 2022-2023 and 2023-2024 relevant for the Financial Years 2021-2022 and 2022-2023. [Notification No. 97/2024, F. No.300196/3/2022-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