MM TAX CLUB

Notification under clause (4G) of section 10 of the Income tax Act 1961

Notification No. 04/2024 4^th January, 2024

In exercise of the powers conferred by sub-clause (ii) of clause (4G) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies activity of investment in a financial product by the non-resident, in accordance with a contract with such non-resident entered into by a capital market intermediary, being a Unit of an International Financial Services Centre, where the income from such investment is received in the account of the non-resident maintained with the Offshore Banking Unit of such International Financial Services Centre, as referred to in sub-section (1A) of section 80LA.

Explanation.—For the purposes of this notification,—

(i) “capital market intermediary” shall have the meaning as assigned to it in clause (ga) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021;

(ii) “financial product” shall have the meaning as assigned to it in sub-clause (d) of sub-section (1) of section 3 of International Financial Services Centres Authority Act, 2019 (50 of 2019);

(iii) “International Financial Services Centre” shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);

(iv) “Unit” shall have the same meaning as assigned to it in clause (zc) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).

Notification under clause (46) of section 10 of Income tax Act 1961 in case of Haryana State Board of Technical Education

Notification No. 8 /2024 dated 5^th January, 2024

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, ‘Haryana State Board of Technical Education, Panchkula’ (PAN: AAAGT0008A), a Board constituted by Government of Haryana, in respect of the following specified income arising to the said Board, as follows:

(a) Grants, Assignments and Contributions received from the Central Government and the State Government of Haryana;

(b) Fees, such as Affiliation Fees, Examination Fees, Migration Fees, Transcription Fees, etc.;

(c) Royalties and charges including penalties;

(d) Bequests, donations and endowments or other contributions;

(e) Sale proceeds of any securities and Rents and profits from property vested in Haryana State Board of Technical Education; and

(f) Interest earned on bank deposits

2. This notification shall be effective subject to the conditions that Haryana State Board of Technical Education, Panchkula –

(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 respectively.

Notification under clause (46) of section 10 of Income tax Act 1961 in case of Polavaram Project Authority

Notification No. 9/2024 dated 5^th January, 2024

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.

Notification under clause (46) of section 10 of the Income tax Act 1961 in case of Karmayogi Bharat

Notification No. 7/2024 dated 5^th January, 2024

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, ‘Karmayogi Bharat (PAN: AAJCK2949L), a Company incorporated under Section 8 of the Companies Act, 2013 with 100% equity shared owned by the President of India i.e. Government of India, in respect of the following specified income arising to the said Company, as follows:

(a) Grants/subsidies received from the Government/ Government bodies;

(b) Subscription Charges/Fees, Assessment fees, On boarding fees;

(c) Receipts from sale of forms, materials, disposal of scrap and tender fee; and

(d) Interest earned from Banks and Government Securities and Bonds.

2. This notification shall be effective subject to the conditions that Karmayogi Bharat –

 (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 applicable for assessment years 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029 relevant for the financial years 2023-2024, 2024-2025, 2025-2026, 2026-2027 and 2027-2028 respectively.

Notification under clause (46) of section of the Income tax Act 1961 in case of DLSA

Notification No. 6/2024 dated 5th January, 2024

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, ‘District Legal Service Authority Union Territory Chandigarh’ (PAN: AAAGD1545A), an Authority constituted by the Administrator, Union Territory, Chandigarh under the Legal Services Authority Act, 1987 (Central Act 39 of 1987), in respect of the following specified income arising to the said Authority, as follows:

(a) Grants received from the Punjab and Haryana High Court, Central Authority i.e. National Legal Services Authority and State Authority constituted under Legal Services Authorities Act, 1987;

(b) Grants or donation received from the Central Government or the State Government of Punjab/Haryana for the purpose of the Legal Services Authorities Act, 1987;

(c) Amount received under the order of the court;

(d) Fees received as recruitment application fee; and

(e) Interest earned on bank deposits.

2. This notification shall be effective subject to the conditions that District Legal Service Authority Union Territory Chandigarh –

(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 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2020-2021, 2021-2022 and 2022-2023 respectively.