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

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-07082024-256131 EXTRAORDINARY PART II-Section 3-Sub-section (ii) PUBLISHED BY AUTHORITY No. 3054] NEW DELHI, WEDNESDAY, AUGUST 7, 2024/ SHRAVANA 16, 1946 4991 GI/2024 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.