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The Central Government notifies specified income of Gujarat State Aids Control Society under clause (46) of section 10 of the Income-tax Act, 1961. The specified income includes grants received from NACO and interest income on those grants. The society must not engage in any commercial activity. The activities and the nature of the specified income must remain unchanged throughout the financial years. The society must file a return of income in accordance with section 139 sub-section 4C clause (g). The notification applies retrospectively from June 1, 2020, to March 31, 2021, and for the financial years 2021-2022, 2022-2023, 2023-2024, and 2024-2025.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th October, 2021
S.O. 4525(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, ‘Gujarat State Aids Control Society’ (PAN AAATG3628A), a Society constituted by the State Government of Gujarat, in respect of the following specified income arising to that Society, namely:-
[Notification No. 127/2021/F. No. 300196/10/2021-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.
