Exemption from specified income U/s 10(46) – 'Chennai Metropolitan Water Supply and Sewerage Board', notified - 10/2024 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 10/2024 New Delhi, the 8th January, 2024 S.O. 90(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, Chennai Metropolitan Water Supply and Sewerage Board (PAN: AAALM0037B), a Board constituted by the Government of Tamil Nadu, in respect of the following specified income arising to that Board, namely: (a) Grant and subsidies received from Government; (b) Centage receipts received from Municipalities, Local authority and Government; (c) Receipts of taxes, charges, fees, fines, forfeitures, penalties, etc. by whatever name called; (d) Income from sale of farm produce, rent from properties; (e) Other miscellaneous income such as interest on deposits with TNEB, GPF/CPS investments, staff welfare investments, Debt Reserve Fund, Fixed Asset renewal fund, advance to staff and contractors, sale of assets/scrap; and (f) Interest earned on bank deposits. 2. This notification shall be effective subject to the conditions that Chennai Metropolitan Water Supply and Sewerage Board:- (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 2022-23. [F. No. 300196/34/2019-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.