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CBDT notifies Income Tax Exemption to Uttarakhand Environment Protection and Pollution Control Board & ‘Cochin SEZ Authority [Read Notifications]

SEZ - CBDT - Environment Protection - Taxscan

The Central Board of Direct Taxes (CBDT) on Wednesday issued 2 notifications wherein ‘Cochin Special Economic Zone Authority’, Kochi and ‘Uttarakhand Environment Protection & Pollution Control Board’, Dehradun were notified.

The Uttarakhand Environment Protection & Pollution Control Board constituted by the Government of Uttarakhand, in respect of the specified income including consent fee; no objection certificate fee; biomedical waste fee; hazardous fee; stack/analysis fee; bank guarantee forfeited; income against RTI application charges; reimbursement of the expense received from Central Pollution Control Board towards National Air Monitoring Programmes;  monitoring fees; interest from savings accounts & FDRs;  public hearing fee; interest from house loan advance to staff; and income by the sale of old scrap items and tender fee, etc. arising to the Board.

The notification imposed a certain condition on the board that it shall not engage in any commercial activity; activities and the nature of the specified income shall remain unchanged throughout the financial years; and shall file a return of income in accordance with the provision of clause (g) of sub-section (4C) of Section 139 of the Income-tax Act, 1961; shall file the Audit report along with the Return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied.

“This notification shall apply with respect to the assessment years 2020-2021, 2021-2022, 2022-2023, 2023-2024 and 2024-2025,” the notification pertaining to Uttarakhand Environment Protection & Pollution Control Board said.

The ‘Cochin Special Economic Zone Authority’, Kochi constituted by the Government of India, in respect of the specified income including lease rent (charged as per Government prescribed rate);  interest from banks on RDRs;  receipts from I-Card and permit fee; allotment Fee in respect of Standard Design Factories (SDF); Auction/Bid amount in respect of Plots/Buildings which fall vacant; transfer charges in respect of Plot/Building; the fee for issue of Form-I for exemption of Building Plans; processing fee for approval of Building Plans; usage charges from Service provided; license fee for allotment of Staff Quarters to the Staff; Integrated Water Management Systems (IWMS) (Water Treatment Plant (WTP), Common Effluent Treatment Plant (CETP), Incinerator, Biogas Plant) charges/fees/fine, etc.; Power Distribution Business; and from the sale of miscellaneous scrap/waste arising to that Authority.

The notification imposed a certain condition on the Authority shall not engage in any commercial activity; activities and the nature of the specified income shall remain unchanged throughout the financial years; and shall file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961; shall file the audit report along with the return, duly verified by the accountant as provided in explanation to section 288 (2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied.

“This notification shall be deemed to have been applied for the assessment years 2018-2019 and 2019-2020 and shall apply with respect to the assessment years 2020-2021, 2021-2022 and 2022-2023,” the notification pertaining to Cochin Special Economic Zone Authority said.

To Read the full text of the Notifications CLICK HERE
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