Home› India› Ministry of Finance› Notification under section 10 sub section 46 of Income tax A...
Date: 01-Sep-2023 Category: Extra Ordinary State: Union Government Country: India

Notification under section 10 sub section 46 of Income tax Act 1961 in case of Chhatisgarh, Uttarakhand, Madhya Pradesh, Punjab Real Estate Regulatory 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 S.O. 3865(E) issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, notifies specific Real Estate Regulatory Authorities (RERAs) as a ‘class of Authority’ under Section 10(46) of the Income-tax Act, 1961. This notification grants income tax exemption on specified income arising to these authorities.
  • The specified income includes grants, loans, advances from the Government, fees/penalties received from builders/developers, agents, or other stakeholders under the Real Estate (Regulation and Development) Act, 2016, and interest earned on these amounts.

Key Changes

  • The notification applies to four specific Real Estate Regulatory Authorities (RERAs) listed in the schedule: Chhattisgarh, Uttarakhand, Madhya Pradesh and Punjab.
  • The exemption is subject to the conditions that the RERAs do not engage in any commercial activity, their activities and the nature of specified income remain unchanged throughout the financial years, and they file income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.
  • The notification is effective retrospectively from the financial year 2022-2023, relevant to the assessment year 2023-2024.

Impact Analysis

Real Estate Regulatory Authorities (RERAs)

  • Action Item: RERAs should review their current activities and income sources to ensure compliance with the conditions of the notification.

Builders, Developers, Agents, and Other Stakeholders

  • Positive implication: The RERAs can utilize the funds exempted from tax for better regulation and development of the real estate sector.

Government

  • Positive Outcome: This exemption aims to support and strengthen the functioning of RERAs, leading to better regulation and development of the real estate sector.

Key Entities Referenced

Income-tax Act, 1961: The principal act governing income tax in India. Section 10(46) provides the power to grant exemptions to certain authorities. Real Estate (Regulation and Development) Act, 2016: An act to regulate and promote the real estate sector and protect the interests of homebuyers. Section 20 empowers the government to constitute Real Estate Regulatory Authorities. Central Board of Direct Taxes (CBDT): A part of the Department of Revenue in the Ministry of Finance. It is responsible for the administration of direct tax laws through the Income Tax Department. Chhattisgarh Real Estate Regulatory Authority: Real Estate Regulatory Authority of Chhattisgarh with PAN AAAJC1049H. Uttarakhand Real Estate Regulatory Authority: Real Estate Regulatory Authority of Uttarakhand with PAN AAALU0695H. Madhya Pradesh Real Estate Regulatory Authority: Real Estate Regulatory Authority of Madhya Pradesh with PAN AAAGM0458B. Real Estate Regulatory Authority, Punjab: Real Estate Regulatory Authority of Punjab with PAN AAAJR1281N.
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.-01092023-248477 CG-DxLx-xEG-I0D1H0x9x2x0 23-248477 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.ं 3704] नई दिल्ली, िुक्रिार, जसतम्ब र 1, 2023/भाद्र 10, 1945 No. 3704] NEW DELHI, FRIDAY, SEPTEMBER 1, 2023/BHADRA 10, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 1 जसतम्ब र, 2023 का.आ. 3865(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करत े हुए, केंद्र सरकार उि खडं के प्रयोिनों के जलए , भू-संपिा (जिजनयमन और जिकास) अजधजनयम, 2016 (2016 का 16) की धारा 20 की उप-धारा (1) के तहत प्रित्त िजियों का प्रयोग करत े हुए सरकार द्वारा गठित 'भू-संपिा जिजनयामक प्राजधकरण' िैसा दक इस अजधसूचना की अनुसचू ी म ें जिजनर्िष्टड ह,ै उस प्राजधकरण को उद्भूत होने िाली जनम्नजलजखत जिजनर्िष्टड आय के संबंध म,ें एक 'प्राजधकरण के िग'ड के रूप म ेंअजधसूजचत करती ह,ै अर्ाडत:्- (क) सरकार स े सहायता अनुिान या ऋण/अजिम के रूप म ेंप्राप्त राजि; (ख) भू-संपिा (जिजनयमन और जिकास) अजधजनयम, 2016 के प्रािधानों के अनुसार जबल्डरों/डेिलपे सड, एिेंटों या दकन्हीं अन्य जहतधारकों स े प्राप्त िुल्क/िुमाडना; (ग) उपरोि (क) और (ख) पर अर्ितड ब्याि। 2. यह अजधसूचना जनम्नजलजखत ितों के अध्यधीन रहगे ी दक प्रत्येक भू- संपिा जनयामक प्राजधकरण- (क) दकसी व्यािसाजयक कायडकलाप म ें जलप्त नहीं होगा; 5604 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (ख) जित्तीय िर्षों के िौरान कायडकलाप तर्ा जिजनर्िष्टड आय की प्रकृजत अपठरिर्तडत रहगें ी; और (ग) आयकर अजधजनयम 1961, की धारा 139 की उप-धारा(4ग) के खंड(छ) के प्रािधानों के अनुसार आयकर जििरणी फाइल करेगा। 3. यह अजधसूचना जनधाडरण िर्ष ड 2023-2024 स े संगत जित्तीय िर्षड 2022-2023 के संबंध म ें लाग ू मानी िाएगी | अनसु चू ी क्र.सं. स्ट्र्ािर संपिा जनयामक प्राजधकरण का नाम पैन (1) (2) (3) 1 छत्तीसगढ़ भू- संपिा जनयामक प्राजधकरण AAAJC1049H 2 उत्तराखंड भू- संपिा जनयामक प्राजधकरण AAALU0695H 3 मध्य प्रििे भू- संपिा जनयामक प्राजधकरण AAAGM0458B 4 भ-ू संपिा जनयामक प्राजधकरण, पंिाब AAAJR1281N [अजधसूचना स.ं 76/2023 फा.स.ं 300196/19/2022-आईटीए- I] जिकास ससंह, जनिेिक (आईटीए-I) व्याख्यात्मक ज्ञापन:- प्रमाजणत दकया िाता ह ैदक इस अजधसूचना को भूतलक्षी प्रभाि से लाग ूकरने 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 1st September, 2023 S.O. 3865(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 Regulatory Authorities’ as specified in the schedule to this notification, constituted by Government in exercise of powers conferred under sub-section(1) of Section 20 of The Real Estate (Regulation and Development) Act, 2016 (16 of 2016) as a ‘class of Authority’ in respect of the following specified income arising to that Authority, namely:— (a) Amount received as Grant-in-aid or loan/advance from Government; (b) Fee/penalty received from builders/developers, agents or any other stakeholders as per the provisions of the Real Estate (Regulation and Development) Act, 2016; (c) Interest earned on (a) & (b) above. 2. This notification shall be effective subject to the conditions that each of the Real Estate Regulatory Authority- (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 be applied with respect to the financial year 2022-2023 relevant to assessment year 2023-2024.[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3 Schedule S.No. Name of the Real Estate Regulatory Authority PAN (1) (2) (3) 1 Chhatisgarh Real Estate Regulatory Authority AAAJC1049H 2 Uttarakhand Real Estate Regulatory Authority AAALU0695H 3 Madhya Pradesh Real Estate Regulatory Authority AAAGM0458B 4 Real Estate Regulatory Authority, Punjab AAAJR1281N [Notification No. 76 /2023, F.No.300196/19/2022-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