Income Tax Exemption for Mysore Palace Board · 39/2025
CBDT notification 39/2025 · 24 Apr 2025
Official title
notification no. 39/2025 f. no. 300196/94/2024 ita i / so 1850 e
Official record
Open source pageSummary
Check the official recordWhat changed
The Central Government notifies the Mysore Palace Board as an exempt entity under section 10(46) of the Income-tax Act, 1961. This exemption applies to income from palace property, board fees, rent from government agencies, and bank interest. The Board must not perform commercial activity. The Board must maintain its current activities and income nature. The Board must file a return of income under section 139(4C)(g). This notification applies to assessment years 2024-25 through 2028-29.
What you must do
- The Board must file a return of income.
Key dates
- Applicability for assessment years 2024-25 to 2025-26
- Not dated
- Applicability for assessment years 2026-27 to 2028-29
- Not dated
Document text
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th April, 2025
S.O. 1850(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, ‘Mysore Palace Board’ (PAN: AAAGM0484M), a Board established under the Mysore Palace (Acquisition and Transfer) Act, 1998 in respect of the following specified income arising to the said Board, namely:
- (a) Income from Palace or proceeds of any property vested in the Board;
- (b) All fees and charges levied by the Board under the Mysore Palace (Acquisition and Transfer) Act, 1998 and forming part of the Board fund;
- (c) Rent received from the shops/stalls let out to Government Agencies; and
- (d) Interest earned on bank deposits.
- This notification shall be effective subject to the conditions that Mysore Palace Board–
- (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.
- This notification shall be deemed to have been applied for assessment years 2024-25 to 2025-26 relevant for the financial years 2023-24 to 2024-25 and shall be applicable for assessment years 2026-27 to 2028-29 relevant for the financial years 2025-26 to 2027-28.
[Notification No. 39/2025/F. No. 300196/94/2024-ITA-I] ASHWANI KUMAR, Under Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.
Source details
- Source
- Central Board of Direct Taxes / Income Tax Department
- Type
- notification
- Published by source
- 24 Apr 2025
- Document number
- 39/2025
- Issuing division
- Central Board of Direct Taxes
- Coverage area
- direct-tax