U/s 10(46) of IT Act 1961 - Central Government notifies ‘International Financial Services Centres Authority’ in respect of the specified income arising to that Authority. - 03/2022 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 03/2022 New Delhi, the 11th January, 2022 S.O. 145(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, International Financial Services Centres Authority , Gandhinagar, Gujarat (PAN AAAGI0596L), an authority constituted under sub-sections (1) and (3) of section 4 of the International Financial Services Centres Authority, Act, 2019 (50 of 2019), in respect of the following specified income arising to that Authority, namely:- (a) Grant-in-aid received from Central Government; (b) Fees and charges received by International Financial Services Centres Authority Act, 2019; (c) Any other sums received by International Financial Services Centres Authority as decided by the Central Government; and (d) Interest income accrued (a) to (c) above. 2. This notification shall be effective subject to the conditions that International Financial Services Centres Authority, Gandhinagar, Gujarat,- (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 financial year 2020-2021 and shall apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024 and 2024-2025. [F. No. 300196/11/2021-ITA-I] SOURABH JAIN, Under Secy. Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.