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CBDT Notified ‘Polavaram Project Authority, Hyderabad under clause (46) of section 10 of the Income-tax Act

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

Notification No. 9/2024 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, ‘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.

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