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The Central Government notifies the Real Estate Regulatory Authority as a class of Authority under section 10 clause (46) of the Income-tax Act, 1961. This notification applies to specified income of the Haryana Real Estate Regulatory Authority, Panchkula for specific assessment years. The specified income includes government grants, fees and penalties from stakeholders, and interest earned on them. The authority must not engage in commercial activity. The authority must keep its activities and the nature of the specified income unchanged. The authority must file the return of income and the audit report with a chartered accountant certificate.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2nd September, 2021
S.O. 3615(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, ‘Real Estate Regulatory Authority’ as specified in the schedule to this notification, constituted by Government in exercise of powers conferred under sub-section (1) of section 20 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016) as a ‘class of Authority’ in respect of the following specified income arising to that Authority, namely:-
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall remain unchanged throughout the financial years;
(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; and
(d) shall file the Audit report along with the Return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied.
SCHEDULE
| S. No. | Name of the Real Estate Regulatory Authority | PAN | Financial Years |
|---|---|---|---|
| (1) | (2) | (3) | (4) |
| 1. | Haryana Real Estate Regulatory Authority, Panchkula | AAAJH0631G | 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-2023. |
[Notification No. 100/2021/F.No.300196/48/2018-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.
