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The Central Government notifies specified income of Karnataka State Rural Livelihood Promotion Society for income tax exemption under section 10 clause (46) of the Income-tax Act, 1961. The specified income includes grants from the Central Government, grants from the State Government of Karnataka, and interest earned on bank deposits. 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 under section 139 sub-section (4C) clause (g) of the Income-tax Act, 1961. The notification applies for assessment years 2019-2020 through 2023-2024.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2nd January, 2024
S.O. 41(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, ‘Karnataka State Rural Livelihood Promotion Society’ (PAN AACAK0581H), a body constituted by the Government of Karnataka, in respect of the following specified income arising to the said body namely, as follows:
[Notification No. 2/2024/ F. No. 300196/20/2019-ITA-I] VIKAS SINGH, Director (ITA-I)
Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.
