Exemption from specified income U/s 10(46) – ‘Godavari River Management Board, Hyderabad’ notified - 102/2023 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 102/2023 New Delhi, the 5th December, 2023 S.O. 5169(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, Godavari River Management Board, Hyderabad (PAN AAAGG1473Q), a Board constituted by Central Government in pursuance of section 85 of the Andhra Pradesh Re-Organization Act, 2014, in respect of the following specified income arising to the said Authority, as follows: (a) Grants/Subsidies received from Central Government; (b) Grants/Subsidies received from State Governments of Andhra Pradesh and Telangana; and (c) Interest from bank deposits, including savings account. 2. This notification shall be effective subject to the conditions that Godavari River Management Board, Hyderabad - (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 assessment years 2020-21 to 2023-2024 relevant for the financial years 2019-20 to 2022-2023 respectively. [F. No. 300196/45/2019-ITA-I] VIKAS SINGH, Director (ITA-I) Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.