Exemption from specified income U/s 10(46) of IT Act 1961 – ‘Gujarat Water Supply and Sewerage Board’ - 108/2024 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 108/2024 New Delhi, the 11th October, 2024 S.O. 4399(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, Gujarat Water Supply and Sewerage Board , Gandhinagar (PAN: AAALG5041P), a Board constituted by the Government of Gujarat in respect of the following specified income arising to that Board, namely: (a) Grant received from Government, Local Bodies and Other Government Agencies; (b) Centage at rates prescribed by the Gujarat Water Supply and Sewerage Board Act, 1978/Government of Gujarat; (c) Water charges (tariff fixed by the Government of Gujarat) collected from local bodies/village panchayats/ industries; (d) Receipts from Pension and gratuity contribution; (e) Other incomes such as investigation charges, Hire Charges, Sale of Tender Schedule and Rent received under the Gujarat Water Supply and Sewerage Board Act, 1978; and (f) Interest earned on bank deposits. 2. This notification shall be effective subject to the conditions that Water Supply and Sewerage Board, Gandhinagar- (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 2022-2023 and 2023-2024 relevant for the financial years 2021-2022 and 2022-2023 and shall be applicable for assessment years 2024-2025, 2025-2026 and 2026-2027 relevant for the financial years 2023-2024, 2024-2025 and 2025-2026 respectively. [F. No. 300196/15/2021-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.