CBDT vide Notification No. 25/2023 dated 10.05.2023 in S.O. 2154(E) notified ‘Pune Metropolitan Region Development Authority’ having PAN AAALP1603L, an Authority constituted by the state government of Maharashtra 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) grants received from the State Government, the Union Government or any other authority or agency.
(b) income such as fees, user charges or fines received in the capacity of Local Town Planning Authority.
(c) income such as land lease – rental received from monetization of Government Lands;
(d) stamp duty grant;
(e) other miscellaneous income such as penalty charges, sale of tender forms, RTI fees, registration charges from contractors, penalty levied on contractors for defective work; and
(f) 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 2017-28 and shall be available till FY 2021-22.
Read the full text of Notification No. 25/2023 dated 10.05.2023 on income-tax exemption to Pune Metropolitan Region Development Authority
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 10th May, 2023
S.O. 2154(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, ‘Pune Metropolitan Region Development Authority’(PAN AAALP1603L), an Authority constituted by the state government of Maharashtra, in respect of the following specified income arising to that Authority, namely:
(a) grants received from the State Government, the Union Government or any other authority or agency.
(b) income such as fees, user charges or fines received in the capacity of Local Town Planning Authority.
(c) income such as land lease – rental received from monetization of Government Lands;
(d) stamp duty grant;
(e) other miscellaneous income such as penalty charges, sale of tender forms, RTI fees, registration charges from contractors, penalty levied on contractors for defective work; and
(f) interest earned on (a) to (e) above.
2. This notification shall be effective subject to Pune Metropolitan Region 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 years 2017-2018, 2018-2019, 2019- 2020, 2020-2021 and 2021-2022.
[Notification No. 25/2023 F.No.300196/27/2019-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.
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