U/s 10(46) of the Income-tax Act, 1961 Central Government notifies ‘Gujarat Water Supply and Sewerage Board’, Gandhinagar, a Board constituted by Government of Gujarat, in respect of the specified income arising to that board - 48/2018 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) ( CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 48/2018 New Delhi, the 14th September, 2018 S.O. 4862 (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, Gujarat Water Supply and Sewerage Board , Gandhinagar, a Board constituted by Government of Gujarat, in respect of the following specified income arising to that board, namely:- (a) 1 [ Grant received from Government, Local Bodies and Other Government Agencies ] ; (b) Deposits received from Local Bodies; (c) Centage at rates prescribed by the Government of Gujarat; (d) Water charges (tariff fixed by the Govt. of Gujarat) collected from local bodies, farmer for Water supply; (e) Rent collected as per the provisions of Gujarat Water Supply and Sewerage Act, 1978; and (f) Interest on (a) to (e) above. 2. This notification shall be effective subject to the conditions that the Gujarat Water Supply and Sewerage Board,- (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income 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) section 139 of the Income-tax Act, 1961. 3. This notification shall be deemed to have been applied for the assessment years 2017-18 and 2018-19 and shall apply with respect to the assessment years 2019-20, 2020-21 and 2021-22. [F.No.300196/11/2017-ITA-I] VINAY SHEEL GAUTAM, Under Secy. ********** NOTES:- 1. Corrected vide Notification No. 81/2019 dated 21-10-2019 before it was read as Grant received from state government