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The Central Government notifies the Manipur State Rural Road Development Agency for specified income tax exemption under section 10 clause 46 of the Income-tax Act, 1961. The exemption applies to funds received for PMGSY from the Ministry of Rural Development and bank interest on those funds. The agency must not engage in any commercial activity. The activities and the nature of the specified income must remain unchanged throughout the financial years. The agency must file a return of income under section 139 sub-section 4C clause g. The notification applies retrospectively for the financial years 2015-2016 and 2016-2017, and prospectively for the financial years 2017-2018, 2018-2019, and 2019-2020.
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2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th December, 2017
S.O. 3868(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, ‘Manipur State Rural Road Development Agency’, a body established by Government of Manipur, in respect of the following specified income arising to the body, namely:- a) fund received for PMGSY from Ministry of Rural Development, Government of India; and b) interest received from Bank on above fund.
[Notification No. 97 /2017/ F. No. 300196/8/2016-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.
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.
