Home India Ministry of Finance Notification under section 10(46) of the Income Tax Act 1961...
Date: 06-Jun-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under section 10(46) of the Income Tax Act 1961 in the case of Real Estate Appellate Tribunal Punjab

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, exempts the 'Real Estate Appellate Tribunal, Punjab' from income tax on specific incomes, under Section 10(46) of the Income-tax Act, 1961.

Key Changes

  • The 'Real Estate Appellate Tribunal, Punjab' (PAN AAALR2230D) is notified for exemption under Section 10(46) of the Income-tax Act, 1961.
  • The exemption applies to the following specified income arising to the tribunal:
  • Fees/charges/fines collected under The Real Estate (Regulation and Development) Act, 2016 and Punjab State Real Estate (Regulation and Development) Rules, 2017.
  • Government grants.
  • Interest on bank deposits.
  • The notification is subject to the conditions that the tribunal:
  • Shall not engage in any commercial activity.
  • Its activities and the nature of the specified income shall remain unchanged throughout the financial years.
  • Shall file return of income as per Section 139(4C)(g) of the Income-tax Act, 1961.
  • The notification is applicable for Assessment Years 2023-2024, 2024-2025, 2025-2026, 2026-2027 and 2027-2028, relevant to Financial Years 2022-2023, 2023-2024, 2024-2025, 2025-2026 and 2026-2027 respectively.

Impact Analysis

Real Estate Appellate Tribunal, Punjab

  • Action Item: Ensure compliance with the conditions specified in the notification to maintain the tax exemption.

Government of Punjab

  • Action Item: Monitor the tribunal's activities to ensure compliance with the notification's conditions.

Tax Authorities

  • Action Item: Update internal systems and processes to reflect the exemption.

Real Estate Developers and Consumers in Punjab

  • Action Item: Stay informed about the tribunal's decisions and activities.

Key Entities Referenced

Real Estate Appellate Tribunal, Punjab: A body constituted by the Government of Punjab (PAN AAALR2230D). Income-tax Act, 1961: The central legislation governing income tax in India. Section 10(46) provides for the exemption of specified income of certain bodies. The Real Estate (Regulation and Development) Act, 2016: Central Act No. 16 of 2016, regulating the real estate sector. Punjab State Real Estate (Regulation and Development) Rules, 2017: Rules framed by the Punjab government under The Real Estate (Regulation and Development) Act, 2016.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-06062024-254585 CG-DxLx-xEG-I0D6H0x6x2x0 24-254585 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.ं 2106] नई दिल्ली, बृहस्ट्प जतिार, िनू 6, 2024/ज्य ष्े ि 16, 1946 No. 2106] NEW DELHI, THURSDAY, JUNE 6, 2024/JYAISHTHA 16, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 6 िून 2024 का.आ. 2208(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करत े हुए, केंद्र सरकार, एतद्द्वारा उि खडं के प्रयोिनों के जलए 'ररयल एस्ट्टेट अपीलीय न्यायाजधकरण, पिं ाब' (पैन AAALR2230D), पंिाब सरकार द्वारा गरित एक जनकाय को उद्भूत होने िाली जनम्नजलजखत जनर्िडष्ट आय के संबंध म ें अजधसूजचत करती ह,ै अर्ाडत:् (क) ररयल एस्ट्टेट (जनयमन और जिकास) अजधजनयम, 2016 (2016 का केंद्रीय अजधजनयम सख्ं या 16) और पंिाब राज्य ररयल एस्ट्टेट (जनयमन और जिकास) जनयमािली, 2017 के अंतगतड एकत्र की गई फीस/िुल्क/िुमाडना लगाना। (ख) सरकारी अनुिान। (ग) बैंक िमा पर ब्याि। 2. यह अजधसूचना उन ितों के अधीन प्रभािी होगी दक ररयल एस्ट्टेट अपीलीय न्यायाजधकरण, पंिाब – (क) दकसी भी व् यािसाजयक गजतजिजध में िाजमल नहीं होगा; 3411 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (ख) इसकी गजतजिजधयां और जनर्िडष्ट आय की प्रकृजत परू े जित्तीय िर्षों में अपररिर्तडत रहगें ी; और (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4 ग) के खंड (छ) के प्रािधान के अनुसार आय की जििरणी िाजखल करेगा। 3. यह अजधसूचना क्रमिः जित्तीय िर्षों 2022-2023, 2023-2024, 2024-2025, 2025-2026 और 2026-2027 के जलए प्रासंजगक जनधाडरण िर्षों 2023-2024, 2024-2025, 2025-2026, 2026-2027 और 2027-2028 के जलए लाग ू मानी िाएगी। [अजधसूचना स.ं 49/2024 फा.सं. 300196/16/2022-आईटीए-I] जिकास ससंह, जनिेिक,(आईटीए -1) यह प्रमाजणत दकया िाता ह ै दक इस अजधसूचना 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 6th June, 2024 S.O. 2208(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, ‘Real Estate Appellate Tribunal, Punjab’ (PAN AAALR2230D), a body constituted by the Government of Punjab, in respect of the following specified income arising to that body, namely: (a) Levy of fees/charges/fines collected under The Real Estate (Regulation and Development) Act, 2016 (Central Act No.16 of 2016) and Punjab State Real Estate (Regulation and Development) Rules, 2017. (b) Government grants. (c) Interest on bank deposits. 2. This notification shall be effective subject to the conditions that Real Estate Appellate Tribunal, Punjab - (a) shall not engage in any commercial activity; (b) its activities and the nature of the specified income shall remain unchanged throughout the financial year(s); 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 be applicable for Assessment Year(s) 2023-2024, 2024-2025, 2025- 2026, 2026-2027 and 2027-2028 relevant for the Financial Year(s) 2022-2023, 2023-2024, 2024-2025, 2025- 2026 and 2026-2027 respectively. [Notification No. 49/2024 F. No. 300196/16/2022-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.

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