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The Central Government notifies specified income of the Bhadohi Industrial Development Authority as tax-exempt under section 10 clause 46 of the Income-tax Act, 1961. The exempted income includes money from land disposal, lease rent, interest on deferred payments, municipal charges, and interest earned on these receipts. The Authority must not engage in any commercial activity. The activities and nature of the specified income must remain unchanged. The Authority must file a return of income under section 139 sub-section 4C clause g. This notification applies retrospectively for the financial year 2020-2021 from June 1, 2020 to March 31, 2021, and for the financial years 2021-2022 to 2022-2023.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 1st April, 2023
S.O. 1585(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, ‘Bhadohi Industrial Development Authority’, (PAN AAALB0141M), an Authority constituted by the state government of Uttar Pradesh, in respect of the following specified income arising to that Authority, namely:
[Notification No. 16/2023/F. No.300196/11/2019-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.
