Income Tax Exemption for Himachal Pradesh Kaushal Vikas Nigam

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 28th December, 2018

S.O. 6357(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, ‘Himachal Pradesh Kaushal Vikas Nigam’, Shimla, a body set up by the Government of Himachal Pradesh, in respect of the following specified income arising to that body, namely:-

• (a) amount received in the form of grants-in-aid and subsidies from Government of India, Government of Himachal Pradesh and other Government/semi-Government agencies;
• (b) fees or subscription for carrying out training activities; and
• (c) interest earned on (a) and (b) above.

2. This notification shall be effective subject to the conditions that Himachal Pradesh Kaushal Vikas Nigam, Shimla -

• (a) shall not engage in any commercial activity;
• (b) activities and the nature of the specified income shall remain unchanged throughout the assessment 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.

3. This notification shall be deemed to apply for the assessment years 2017-2018 and 2018-2019 shall apply with respect to the assessment years 2019-2020, 2020-2021 and 2021-2022.

[Notification No. 92/2018/F.No. 300196/33/2016-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.