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The Central Government notifies specified income of the Karnataka Urban Water Supply and Drainage Board for tax exemption under clause 46 of section 10 of the Income-tax Act, 1961. The Board receives the exemption for establishment charges, water charges collection, interest on investments, rent collected for JAL BHAWAN, and forfeiture of earnest money deposit. The Board must not engage in any commercial activity. The activities and the nature of the specified income must remain unchanged throughout the financial years. The Board files 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 applies to the financial year 2014-2015 and subsequent financial years.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th March, 2016
S.O. 1139(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, the Karnataka Urban Water Supply and Drainage Board a Board constituted under the Karnataka Urban Water Supply and Drainage Board Act, 1973 (Karnataka Act No. 25 of 1974), in respect of the following specified income arising to that Board, namely:-
[Notification No. 15 /2016/F.No.196/6/2015-ITA-I] DEEPSHIKHA SHARMA, Director
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