U/s 10(46) of the Income-tax Act, 1961 Central Government notifies ‘Real Estate Regulatory Authority, Punjab’, an authority constituted by the Government of Punjab, in respect of the specified income arising to that authority - 65/2018 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 65/2018 New Delhi, the 8th October, 2018 S.O. 5179(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, Real Estate Regulatory Authority, Punjab , an authority constituted by the Government of Punjab, in respect of the following specified income arising to that authority, namely:- (a) Grants received from Government; (b) Levy collected under the Real Estate (Regulation and Development) Act, 2016 and the Punjab State Real Estate (Regulation and Development) Rules, 2017; (c) Interest earned on (a) and (b) above. 2. This notification shall be effective subject to the conditions that Real Estate Regulatory Authority, Punjab,- (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 year 2018-2019 and shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022 and 2022-2023. [ F. No. 300196/31/2018-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.