Karnataka State Natural Disaster Monitoring Centre (PAN: ...

Karnataka State Natural Disaster Monitoring Centre exempted from income tax on specified income like govt grants, data sharing.

Notifications Income Tax

August 9, 2024

Karnataka State Natural Disaster Monitoring Centre (PAN: AAATD2434P), a body constituted by State Government of Karnataka, is exempted from income tax u/s 10(46) of Income Tax Act, 1961 on specified income comprising grants from State/Central Government, income from data sharing activities, and interest on bank deposits. Exemption is subject to conditions of non-engagement in commercial activities, unchanged nature of specified income and activities, and filing of income tax returns. Exemption is applicable retrospectively for assessment years 2021-2022 to 2023-2024 and prospectively for 2024-2025 and 2025-2026.

View Source

← Previous Next →

Karnataka State Natural Disaster Monitoring Centre (PAN: ...

Karnataka State Natural Disaster Monitoring Centre exempted from income tax on specified income like govt grants, data sharing.

Notifications Income Tax

August 9, 2024

You may also like:

Notification exempting specified income of 'Kalyan Karnataka Region Development Board' (PAN AAAGH0732F), a Board constituted by Karnataka Government, from income tax u/s...

This case deals with the disallowance of expenditure u/s 14A of the Income Tax Act, which pertains to expenditure incurred in relation to exempt income. The key points...

Power of State Government to levy tax on Lotteries - the scope and ambit of lotteries organised by Government of India or Government of State under Entry 40 of List I is...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Taxability of shipping income - Shipping income as dealt by Article-8 states that profits derived by an enterprise of a contracting state by operation of ships in...

Income tax proceedings against assessee - whether appellant is not a "state" under Article 289 of the Constitution of India and therefore, liable to tax under the Income...

Deduction u/s 80P - Failure to file Tax Audit Report - assessee did not submit the audit report as per section 63 of the Karnataka State Co-operative Society Act, 1959 -...

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

Exempted capital gain wrongly shown in the belated return as taxable - just because the assessee inadvertently or by ignorance has shown the exempt income as exigible to...

Compensation received under an award passed by the Land Acquisition Officer u/s 24(1) of the Right to Fair Compensation and Transparency in Land Acquisition,...

CENVAT Credit - input services used for taxable as well as exempt services - Since the service provided to the state of J&K are not liable to service tax, as Section 64...

Notification exempts Himachal Pradesh State Load Despatch Centre, Shimla (PAN-AAAAH7757E) from income tax u/s 10(46) on specified income: fees/charges under Electricity...

Levy of Service Tax - reverse charge mechanism - lease of mine and assignment of right to use of natural resources - The payment of Royalty, FDT and other applicable...

Denying the Maryland State Tax credit in the return of income - salary earning from USA - As Section 91 does not discriminate between state and federal taxes, and in...

Legal status of the assessee as a State or an agent of the State, based on Article 289 of the Constitution of India. It analyzes whether the assessee's activities are...

Quick Updates: