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The Central Government notifies specified incomes of the Hyderabad Metropolitan Water Supply and Sewerage Board for income tax exemption under section 10 clause 46 of the Income-tax Act 1961. The board receives the exemption for state grants, water cess, sewerage cess, connection fees, tanker water supply receipts, tender sales, centage income, rental income, and specific interest earnings. The board must not engage in any commercial activity. The board must keep its activities and the nature of the specified income unchanged throughout the financial years. The board must file a return of income under section 139 sub-section 4C clause g. The notification applies to assessment years 2017-2018 through 2021-2022.
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MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) NOTIFICATION New Delhi, the 8th October, 2018
S.O. 5175(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, “Hyderabad Metropolitan Water Supply and Sewerage Board”, Hyderabad, a board constituted by Government of Andhra Pradesh in respect of the following specified incomes arising to that board, namely.—
[Notification No. 61/2018, F.No.300196/58/2018-ITA-I] VINAY SHEEL GAUTAM, Under Secy.
Explanatory Memorandum.—It is certified that no person is being adversely affected by giving retrospective effect to this notification.
