Notification No.62 /2018 [F.No. 300196/39/2017-ITA-I] / SO 5176(E)

Last updated: 12 October 2018

Notice Date : 08 October 2018

MINISTRY OF FINANCE

(Department of Revenue)

(Central Board of Direct Taxes)

NOTIFICATION

New Delhi, the 8th October, 2018

S.O. 5176(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, ‘Karnataka State Unorganised Workers Social Security Board’, Bengaluru, a board constituted by the Government of Karnataka, in respect of the following specified income arising to that board, namely.—

a) Grant-in-Aid released by State Government;

b) Interest earned on (a) above.

2. This notification shall be effective subject to the conditions that Karnataka State Unorganised Workers Social Security Board, Bengaluru –

a) shall not engage in any commercial activity;

b) activities and the nature of the specified income 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 the assessment year 2017-18 and 2018-19 and shall apply with respect to the assessment years 2019-20, 2020-21 and 2021-22.

[Notification No.62 /2018, F.No. 300196/39/2017-ITA-I]

VINAY SHEEL GAUTAM, Under Secy.

Explanatory Memorandum: It is certified that no person is being adversely affected by giving retrospective effect to this notification