The Central Board of Direct Taxes (CBDT) has notified the exemption Yamuna Expressway Industrial Development Authority under section 10(46) of the Income Tax Act, 1961.
Section 10(46) of the Income Tax Act exempts the income of a body or development authority, such as a board, trust, or commission (not a company), that provides public utility services. The provision was inserted via Finance Act, 2023.
As per the notification, 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 the way of rent & fees or any other charges from the disposal of land, building and other properties, movable and immovable; (d) The amount of interest earned on the funds deposited in the banks; and (e) The amount of interest/penalties received on the deferred payment received from the Allottees of various movable or immovable properties.
The CBDT notification shall be effective subject to the conditions that Yamuna Expressway 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 financial year 2018-2019 to financial year 2022-2023,” the notification said.
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