Exemption from specified income U/s 10(46) of IT Act 1961 – ‘Karnataka State Horticulture Development Agency’ - 05/2025 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 05/2025 New Delhi, the 3rd January, 2025 S.O. 49(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, Karnataka State Horticulture Development Agency (PAN: AAALE0284C), a Society constituted by the Government of Karnataka, in respect of the following specified income arising to that Society, namely:- (a) Grants-in-aid received from Central Government and State Government of Karnataka; (b) Revenue from horticulture activities undertaken as per the aims and objectives of Karnataka State Horticulture Development Agency as mentioned in its Memorandum of Association issued vide Karnataka Government Order No: AHD 88 HPP 2008, dated 14.11.2008; and (c) Interest on bank deposits. 2. This notification shall be effective subject to the conditions that Karnataka State Horticulture Development Agency - (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 assessment years 2021-2022, 2022-2023, 2023-2024 2024-2025 relevant for the financial years 2020-2021, 2021-2022, 2022-2023 2023-2024. [F. No. 300196/37/2019-ITA-I] ASHWANI KUMAR, Under Secy. Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification