The Central Government today notified income tax exemption to certain receipts received by the Noida Special Economic Zone Authority and Odisha State Pollution Control Board under the Income Tax Act, 1961 through separate notifications.
As per the Notification, lease rent, interest from banks on FDRs, receipts from I-Card and Permit fees, 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, fee for issue of Form-I for exemption of Building Plans, processing fee for approval of Building Plans, site usage charges from Service providers and license fee for allotment of Staff Quarters to the staff etc. earned by the Noida SEZ Authority will not be subject to income tax.
Receipts of the Odisha Pollution Control Board such as statutory Consent fees, share of Water Cess from MOEF &CC, of Government of India, penalties & Levies collected under governing statutes, grant-in-aid received from Central & State Governments, grant in Aid received on behalf of Central & State Governments in the capacity of nodal agency, income by way of interest, share of contributions received for carrying out environmental studies & research are also exempted from the levy.
Read the full text of the Notification below.
