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The Central Government notifies specified income of the Pune Metropolitan Region Development Authority for income tax exemption under section 10 of the Income-tax Act, 1961. The authority receives this exemption for grants, local planning fees, land lease rentals, stamp duty grants, miscellaneous charges, and related interest income. The authority must not engage in commercial activity. The activities and income nature must remain unchanged across the financial years. The authority must file a return of income under section 139 of the Income-tax Act, 1961. This notification applies retrospectively for the financial years 2017 to 2022.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 10th May, 2023
S.O. 2154(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, ‘Pune Metropolitan Region Development Authority’(PAN AAALP1603L), an Authority constituted by the state government of Maharashtra, in respect of the following specified income arising to that Authority, namely:
SOURABH JAIN, Under Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
