Quick Summary
The Central Board of Direct Taxes (CBDT) has issued a series of notifications providing income tax exemptions for public authorities across several sectors under Section 10(46) of the Income-tax Act, 1961. These exemptions apply to various organizations, including the West Bengal State Electricity Transmission Company Limited's Unscheduled Interchange Fund, Gujarat Water Supply and Sewerage Board, and District Legal Service Authorities in Haryana. Notification No. 107/2024 outlines the exemptio
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FAQ :
The CBDT has issued notifications to provide income tax exemptions to various public authorities under Section 10(46) of the Income-tax Act, 1961.
Exemptions have been granted to entities such as the West Bengal State Electricity Transmission Company Limited's Unscheduled Interchange Fund, Gujarat Water Supply and Sewerage Board, and District Legal Service Authorities in Haryana.
The exemptions cover various income streams, including residual income from interchange pool balances, interest on fixed deposits, government grants, water tariffs, fees received under court orders, and interest income.
Yes, the notifications apply retrospectively to previous financial years and prospectively for future assessments.
Yes, the organisations must maintain the non-commercial nature of their operations and file income tax returns as per Section 139 of the Income-tax Act.
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