Ministry of Finance Department of Revenue Central Board of Direct Taxes

Notification u/s 10(46) of the Income Tax Act, 1961 in the case of Karnataka State Horticulture Development Agency

Issue Date: 03 January 2025 Published: 03 January 2025

Gazette ID: CG-DL-E-03012025-259898 Download PDF

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Core Purpose

Notifies specified incomes of Karnataka State Horticulture Development Agency as exempt under section 10(46) of Income-tax Act, 1961.

Detailed Summary

The notification issued by the Central Government, Ministry of Finance, under section 10(46) of the Income-tax Act, 1961, pertains to the 'Karnataka State Horticulture Development Agency'. It specifies that the agency's income from grants-in-aid from the Central and Karnataka governments, revenue from horticulture activities as per Karnataka Government Order No: AHD 88 HPP 2008, and interest on bank deposits are notified incomes. This notification is conditional, requiring the agency to abstain from commercial activities, maintain consistent activities and income nature, and file income returns as per section 139(4C)(g) of the Income-tax Act, 1961. The notification is retrospectively effective for assessment years 2021-2022 through 2024-2025.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-03012025-259898 EXTRAORDINARY PART II—Section 3—Sub-section (ii) PUBLISHED BY AUTHORITY No. 47] NEW DELHI, FRIDAY, JANUARY 3, 2025/ PAUSHA 13, 1946 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 3rd January, 2025 S.O. 49(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, ‘Karnataka State Horticulture Development Agency' (PAN: AAALE0284C), a Society constituted by the Government of Karnataka, in respect of the following specified income arising to that Society, namely:- (a) Grants-in-aid received from Central Government and State Government of Karnataka; (b) Revenue from horticulture activities undertaken as per the aims and objectives of Karnataka State Horticulture Development Agency as mentioned in its Memorandum of Association issued vide Karnataka Government Order No: AHD 88 HPP 2008, dated 14.11.2008; and (c) Interest on bank deposits. 2. This notification shall be effective subject to the conditions that ‘Karnataka State Horticulture Development Agency' - (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 2021-2022, 2022-2023, 2023- 2024 & 2024-2025 relevant for the financial years 2020-2021, 2021-2022, 2022-2023 & 2023-2024. [Notification No. 5/2025 F. No. 300196/37/2019-ITA-I] ASHWANI KUMAR, Under Secy. 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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