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The Central Government notifies the Regional Air Connectivity Fund Trust for specified income under clause (46) of section 10 of the Income-tax Act, 1961. The specified income includes government grants, airline levy receipts, forfeited bank guarantees, and related interest income. The trust must not engage in any commercial activity, must keep its activities and income nature unchanged, and must file a return of income under section 139. The notification applies retrospectively from 1 June 2020 to 31 March 2021 and prospectively for the financial years 2021-2022 through 2024-2025.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th January, 2022
S.O. 73(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, ‘Regional Air Connectivity Fund Trust (PAN AADTR1130P), a trust constituted by the Central Government, in respect of the following specified income arising to that trust, namely:-
[Notification No. 1/2022/F. No. 300196/28/2019-ITA-I] SOURABH JAIN, Under Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
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