U/s 10(46) of the Income-tax Act, 1961 Central Government notifies ‘Visakhapatnam Special Economic Zone Authority’, an authority constituted by the Central Government, in respect of the specified income arising to that authority - 25/2019 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 25/2019 New Delhi, the 19th March, 2019 S.O. 1398(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, Visakhapatnam Special Economic Zone Authority , an authority constituted by the Central Government, in respect of the following specified income arising to that authority, namely:- (a) Lease Rent (charged as per Government prescribed rate); (b) Receipts from I-Card and Permit fees; (c) Allotment fee in respect of Standard Design Factories; (d) Auction/bid amount in respect of Plots/Building which fall vacant; (e) Transfer charges in respect of Plot/Building; (f) Fee for Issue of Form-I for exemption of Building Plans; (g) Processing fee for approval of Building Plans, conveying NOC s etc.; (h) Site usage charges from Service Providers; (i) License fee for allotment of Staff Quarters to the Staff; and (j) Interest earned on (a) to (i) above. 2. This notification shall be effective subject to the conditions that Visakhapatnam Special Economic Zone 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 assessment year 2018-2019, and shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022 and 2022-2023. [F. No. 300196/62/2018-ITA-I] RAJARAJESWARI R., Under Secy.