CBDT vide Notification No. 16/2023 dated 01.04.2023 in S.O. 1585(E) notified ‘Bhadohi Industrial Development Authority, having PAN AAALB0141M, an Authority constituted by the state government of Uttar Pradesh for income-tax exemption under section 10(46) of the Income-tax Act, 1961.
As per the notification, the following incomes of the Authority shall be exempt from income tax:
a) Money received from the disposal of land/90 year’s lease of immovable properties;
(b) Money received by the way of lease rent & fees or any other charges from the disposal/90 years lease of immovable properties;
(c) The amount of interest/penalties received on the deferred payment received from the allottees of various immovable properties;
(d) Water, sewerage and other municipal charges from the allottees of various immovable properties; and
(e) Interest earned on above.
The above-mentioned income shall be exempt from income tax if the Authority shall not engage in any commercial activity and the activities and the nature of the specified income shall remain unchanged throughout the financial years.
In order to claim exemption, the Authority is required to furnish a return of income in accordance with the provision of section 139(4C)(g).
The exemption shall apply retrospectively from FY 2020-21 and shall be available till FY 2022-23.
Read the full text of Notification No. 16/2023 dated 01.04.2023 on income-tax exemption to Bhadohi Industrial Development Authority
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 1st April, 2023
S.O. 1585(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, ‘Bhadohi Industrial Development Authority’, (PAN AAALB0141M), an Authority constituted by the state government of Uttar Pradesh, in respect of the following specified income arising to that Authority, namely:
a) Money received from the disposal of land/90 year’s lease of immovable properties;
(b) Money received by the way of lease rent & fees or any other charges from the disposal/90 years lease of immovable properties;
(c) The amount of interest/penalties received on the deferred payment received from the allottees of various immovable properties;
(d) Water, sewerage and other municipal charges from the allottees of various immovable properties; and
(e) Interest earned on (a) to (d) above.
2. This notification shall be effective subject to Bhadohi 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.
3. This notification shall be deemed to have been applied for the financial year 2020-2021 (for period from 01-06-2020 to 31-03-2021) and for the financial years 2021-2022 to 2022-2023.
[Notification No. 16/2023/F. No.300196/11/2019-ITA-I]]
SOURABH JAIN, Under Secy
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
Download CBDT Notification No. 16/2023 dated 01.04.2023 on income-tax exemption to Bhadohi Industrial Development Authority in PDF format
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