CBDTNotificationNotification No. 78/202319 Sept 2023

Income Tax Exemption for Uttar Pradesh Expressways Industrial Development Authority

Who: Uttar Pradesh Expressways Industrial Development Authority
Action: 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.

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What changed

The Central Government notifies specified income of the Uttar Pradesh Expressways Industrial Development Authority under clause (46) of section 10 of the Income-tax Act, 1961. The specified income includes state government grants, moneys from property disposal, rent and fees, tender, document, and license fees, and bank interest. The Authority must not engage in commercial activity. The activities and the nature of the specified income must remain unchanged throughout the financial years. The Authority must file a return of income under section 139 of the Income-tax Act, 1961. The notification applies for the assessment year 2023-2024 relevant for the financial year 2022-2023.

What you must do

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.

Key dates

Assessment year 2023-2024 relevant for financial year 2022-2023: Not dated

Law this touches

Who is affected

Uttar Pradesh Expressways Industrial Development Authority

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Written automatically from the official document. It is not a professional review, so check material decisions against the official record.

Document text

Prepared for reading; wording retained from the source.

Official source

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 19th September, 2023

S.O. 4118(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, ‘Uttar Pradesh Expressways Industrial Development Authority’ (PAN AAALU0121E), an Authority constituted by the State government of Uttar Pradesh, in respect of the following specified income arising to that Authority, namely:

(a) grants received from the state government;
(b) moneys received from the disposal of land, building and other properties, movable and immovable;
(c) moneys received by way of rent & fees or any other charges from the disposal of land, building and other properties, movable and immovable;
(d) Income earned from Tender Fees, Document Fees, License Fees; and
(e) Interest earned on funds deposited in the banks and on (a) to (d) above.

This notification shall be effective subject to Uttar Pradesh Expressways Industrial Development Authority:-

(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 the assessment year 2023-2024 relevant for financial year 2022-2023. [Notification No. 78/2023 F.No.300196/22/2022-ITA-I] VIKAS SINGH, Director (ITA-I)

Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.

Source details

Official title: notification no. 78/2023 f.no.300196/22/2022 ita i / so 4118 e
Source: Central Board of Direct Taxes / Income Tax Department
Type: notification
Published by source: 19 Sept 2023
Document number: Notification No. 78/2023
Issuing division: CENTRAL BOARD OF DIRECT TAXES
Coverage area: direct-tax

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Income Tax Exemption for Uttar Pradesh Expressways Industrial Development Authority

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