Exemption from specified income U/s 10(46) – 'Polavaram Project Authority, Hyderabad', notified - 09/2024 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 09/2024 New Delhi, the 5th January, 2024 S.O. 82(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, Polavaram Project Authority, Hyderabad (PAN: AAAGP0436N), an Authority constituted by the Central Government in respect of the following specified income arising to the said Authority, as follows: (a) Grants received from the Central Government; and (b) Interest earned on bank deposits. 2. This notification shall be effective subject to the conditions that Polavaram Project Authority, 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 2020-2021, 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2019-2020, 2020-2021, 2021-2022 and 2022-2023 respectively. [F. No. 300196/51/2019-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.