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 Urban Water Supply and Drainage Board, Bangalore

Issue Date: 28 March 2025 Published: 28 March 2025

Gazette ID: CG-DL-E-28032025-262069 Download PDF

Back to Feed

Core Purpose

Notifies 'Karnataka Urban Water Supply & Drainage Board, Bangalore' for income tax exemption under section 10(46) of the Income-tax Act, 1961 for specified incomes arising to the trust.

Detailed Summary

The notification issued by the Central Government, Ministry of Finance, Department of Revenue, and Central Board of Direct Taxes, declares 'Karnataka Urban Water Supply & Drainage Board, Bangalore', a trust established by the Karnataka State Government, as notified for the purposes of clause (46) of Section 10 of the Income-tax Act, 1961. This notification specifies that the following income streams of the trust are covered under this exemption: (a) income from establishment, administration, supervision, water charges, and rent as per the Karnataka Urban Water Supply and Drainage Board Act, 1973; (b) forfeiture of earnest money deposits; (c) penalties, sale of scrap, storage charges, tender form and survey charges; and (d) interest earned on bank deposits. The notification is conditional upon the trust not engaging in commercial activities, maintaining consistent income nature, and filing income returns as per section 139 of the Income-tax Act, 1961. It is applicable for financial years 2023-24 to 2027-28, corresponding to assessment years 2024-25 to 2028-29.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-28032025-262069 EXTRAORDINARY PART II-Section 3-Sub-section (ii) PUBLISHED BY AUTHORITY No. 1492] NEW DELHI, FRIDAY, MARCH 28, 2025/CHAITRA 7, 1947 2216 GI/2025 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 28th March, 2025 S.O. 1510(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 Urban Water Supply & Drainage Board, Bangalore (PAN AAATK5837F), a trust established by the State Government, in respect of the following specified income arising to that trust, namely:- (a) Establishment, administrative, supervision, water charges and rent collected as per the Karnataka Urban Water Supply and Drainage Board Act, 1973 (Karnataka Act No. 25 of 1974); (b) Forfeiture of earnest money deposit as per the Karnataka Urban Water Supply and Drainage Board Act, 1973 (Karnataka Act No. 25 of 1974); (c) Penalty(with fine), Sale of Scrap, Storage charges, Issue of Tender Forms and Survey charges as per the Karnataka Urban Water Supply and Drainage Board Act, 1973 (Karnataka Act No. 25 of 1974) (d) Interest earned on bank deposits; 2. This notification shall be effective subject to the conditions that Karnataka Urban Water Supply & Drainage Board, Bangalore- 3. (a) (b) (c) shall not engage in any commercial activity; activities and the nature of the specified income shall remain unchanged throughout the financial years; and 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. This notification shall be applicable with respect to the assessment years 2024-2025 to 2028-2029 relevant for financial years 2023-2024 to 2027-2028 respectively. [Notification No. 24 /2025/F. No. 300196/61/2024-ITA-I] ASHWANI KUMAR, Under Secy. 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.

Never miss important gazettes

Create a free account to save gazettes, add notes, and get email alerts for keywords you care about.

Sign Up Free