U/s 10(46) of the Income-tax Act, 1961 Central Government notifies ‘West Bengal State Council of Science & Technology’, Kolkata, a society constituted by the Government of West Bengal, in respect of the specified income arising to that Society - 50/2018 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) CENTRAL BOARD OF DIRECT TAXES NOTIFICATION NO. 50/2018 New Delhi, the 14th September, 2018 S.O. 4864(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, West Bengal State Council of Science Technology , Kolkata, a society constituted by the Government of West Bengal, in respect of the following specified income arising to that Society, namely:-- (a) Grants received from Central State Governments; (b) Course fees from Research Fellow; (c) Receipts from Sale of Maps Patent searching report; (d) Receipts from Sale of plants; and (e) Interest earned on (a) to (d) above. 2. This notification shall be effective subject to the conditions that West Bengal State Council of Science Technology, Kolkata,- (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 2016-17, 2017-18 and 2018-19 and shall apply with respect to the assessment years 2019-20 and 2020-21. [F. No. 300196/7/2016-ITA-I] VINAY SHEEL GAUTAM, Under Secy. Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.