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The Central Government notifies the Karnataka Urban Water Supply and Drainage Board for income tax exemption under section 10 clause 46 of the Income-tax Act, 1961. The exemption applies to specific income from establishment charges, supervision charges, water charges, rent, forfeiture of earnest money deposit, penalty, sale of scrap, storage charges, survey charges, and bank deposit interest. 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 must file return of income in accordance with section 139 sub-section 4C clause g. The notification applies for assessment years 2021-2022, 2022-2023, and 2023-2024.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 1st March, 2024
S.O. 1000(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 Urban Water Supply and Drainage Board’ (PAN: AAATK5837F), 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:
(a) Establishment, administrative, supervision, water charges and rent collected as per the Karnataka Urban Water Supply and Drainage Board Act, 1973 (Karnataka Act No. 25 of 1974);
(b) Forfeiture of earnest money deposit as per the Karnataka Urban Water Supply and Drainage Board Act, 1973 (Karnataka Act No. 25 of 1974);
(c) Penalty, Sale of Scrap, Storage charges and Survey charges as per the Karnataka Urban Water Supply and Drainage Board Act, 1973 (Karnataka Act No. 25 of 1974) and
(d) Interest earned on bank deposits.
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
[Notification No. 26/2024/F. No. 300196/12/2019-ITA-I] CASTRO JAYAPRAKASH T., Under Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
