CBDT Grants Income Tax Exemption To Godavari River Management Board, Hyderabad
Mariya Paliwala
7 Dec 2023 11:35 AM GMT
The Central Board of Direct Taxes (CBDT) has notified the income tax exemption under section Sec.10(46) of the Income Tax Act for Godavari River Management Board, Hyderabad.Godavari River Management Board, Hyderabad' is a Board constituted by the Central Government in pursuance of section 85 of the Andhra Pradesh Reorganisation Act, 2014, in respect of the various income arising to...
The Central Board of Direct Taxes (CBDT) has notified the income tax exemption under section Sec.10(46) of the Income Tax Act for Godavari River Management Board, Hyderabad.
Godavari River Management Board, Hyderabad' is a Board constituted by the Central Government in pursuance of section 85 of the Andhra Pradesh Reorganisation Act, 2014, in respect of the various income arising to the Authority.
The income tax exemption is allowable on grants/Subsidies received from the Central Government, grants/subsidies received from State Governments of Andhra Pradesh and Telangana; and interest from bank deposits, including savings accounts.
The notification shall be effective subject to various conditions.
Firstly, Godavari River Management Board, Hyderabad shall not engage in any commercial activity.
Secondly, activities and the nature of the specified income shall remain unchanged throughout the financial years.
Lastly, the assessee shall file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
The notification shall be deemed to have been applied for assessment years 2020-21 to 2023-2024 relevant for the financial years 2019-20 to 2022-2023 respectively.
Notification No. 102/2023
Date: 5/12/2023
