Exemption from specified income U/s 10(46) of IT Act 1961 – 'Kalyan Karnataka Region Development Board' - 97/2024 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 97/2024 New Delhi, the 7th August, 2024 S.O. 3203(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, Kalyan Karnataka Region Development Board (PAN AAAGH0732F), a Board constituted by the Government of Karnataka, in respect of the following specified income arising to that Board, namely:- (a) Grants received from State Government of Karnataka. (b) Interest on bank deposits. 2. This notification shall be effective subject to the conditions that Kalyan Karnataka Region Development 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 the assessment years 2022-2023 and 2023-2024 relevant for the Financial Years 2021-2022 and 2022-2023. [F. No.300196/3/2022-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.