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Core Purpose

Notification under clause (46) of Section 10 of the Income-tax Act, 1961, exempting specified income of Chhattisgarh Rajya Beej Pramanikaran Sanstha from tax, with retrospective effect.

Detailed Summary

The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, issued S.O. 5044(E) dated 24 November 2023, under clause (46) of Section 10 of the Income-tax Act, 1961 (43 of 1961), notifying Chhattisgarh Rajya Beej Pramanikaran Sanstha (PAN AADAC3163E), a body constituted by the State Government of Chhattisgarh, for exemption of specified income comprising grants received from Central and State Governments; fees from applications, certification and other service charges; and interest earned on term/fixed deposits and on the foregoing income. The exemption is conditional on the body not engaging in commercial activity, its activities and nature of income remaining unchanged, and filing income returns per clause (g) of sub-section (4C) of Section 139 of the Income-tax Act, 1961. Notification No. 100/2023 (F. No. 300196/31/2019-ITA-I) applies retrospectively to assessment years 2019-2020 through 2023-2024 (relevant to financial years 2018-2019 through 2022-2023). An Explanatory Memorandum certifies that no person is adversely affected by the retrospective effect. Signed by Vikas Singh, Director (ITA-I).

Full Text

7337 GI/202 3 (1) EXTRAORDINARY PART II —Section 3 —Sub-section ( ii) PUBLISHED BY AUTHORITY No. 4835] NEW DELHI, FRIDAY , NOVEMBER 24, 2023/ AGRAHAYANA 3, 1945 CG-DL-E-24112023-250250 MINISTRY OF FINANCE (Department Of Revenue ) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2 4th November , 2023 S.O. 5044(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 here by notifies for the purposes of the said clause, Chhattisgarh Rajya Beej Pramanikaran Sanstha (PAN AADAC3163E ), a body constituted by the State Government of Chhattisgarh , in respect of the following specified income arising to that body , as follows: (a) Grants received from Central and State Governments. (b) Money received by the way of application, Certification fees and other service charges. (c) Interest earned on Term/Fixed Deposits in the banks and on (a) to (b) above. 2. This notification shall be effective subject to the conditions that Chhattisgarh Rajya Beej Pramanikaran Sanstha– (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 in come 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 assessment years 2019 -2020, 2020 -2021, 2021 - 2022, 2022 -2023 and 2023 -2024 rele vant for the financial years 2018 -2019, 2019 -2020, 2020 -2021, 2021 -2022 and 2022 -2023, respectively. [Notification No. 100/2023/ F. No. 300196/31/2019 -ITA-I]. VIKAS SINGH , Director (ITA -I) Explanatory Memorandum It is certified that no person is being ad versely affected by giving retrospective effect to this notification. Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.

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