CBDTNotificationNotification No. 48/201814 Sept 2018

Income Tax Exemption for Gujarat Water Supply and Sewerage Board

Who: Gujarat Water Supply and Sewerage Board
Action: File return of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961.

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What changed

The Central Government notifies specified income of the Gujarat Water Supply and Sewerage Board for tax exemption under section 10 clause 46 of the Income-tax Act 1961. The specified income includes state government grants local body deposits centage water charges rent and related interest. The board must not engage in commercial activities. The activities and nature of the specified income must remain unchanged. The board must file a return of income under section 139 sub-section 4C clause g. The notification applies to assessment years 2017-18 through 2021-22.

What you must do

File return of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961.

Key dates

Assessment years 2017-18 and 2018-19: Not dated
Assessment years 2019-20, 2020-21 and 2021-22: Not dated

Law this touches

Who is affected

Gujarat Water Supply and Sewerage Board

Exceptions

The board shall not engage in any commercial activity.
Activities and the nature of the specified income remain unchanged throughout the financial years.

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Document text

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Official source

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 14th September, 2018

S.O. 4862 (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, ‘Gujarat Water Supply and Sewerage Board’, Gandhinagar, a Board constituted by Government of Gujarat, in respect of the following specified income arising to that board, namely:-

(a) Grant received from state government;
(b) Deposits received from Local Bodies;
(c) Centage at rates prescribed by the Government of Gujarat;
(d) Water charges (tariff fixed by the Govt. of Gujarat) collected from local bodies, farmer for Water supply;
(e) Rent collected as per the provisions of Gujarat Water Supply and Sewerage Act, 1978; and
(f) Interest on (a) to (e) above.

This notification shall be effective subject to the conditions that the Gujarat Water Supply and Sewerage Board,-

(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income 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) section 139 of the Income-tax Act, 1961.

This notification shall be deemed to have been applied for the assessment years 2017-18 and 2018-19 and shall apply with respect to the assessment years 2019-20, 2020-21 and 2021-22.

[Notification No. 48 /2018 F.No.300196/11/2017-ITA-I] VINAY SHEEL GAUTAM, Under Secy.

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

Official title: notification no. 48 /2018 f.no.300196/11/2017 ita i / so 4862 e
Source: Central Board of Direct Taxes / Income Tax Department
Type: notification
Published by source: 14 Sept 2018
Document number: Notification No. 48/2018
Issuing division: CENTRAL BOARD OF DIRECT TAXES
Coverage area: direct-tax

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Income Tax Exemption for Gujarat Water Supply and Sewerage Board

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