Notification No. 91/2020 [F.No. 300196/4/2014-ITA-I]/ SO 4684(E)

Last updated: 29 December 2020

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The Central Board of Direct Taxes has issued Notification No. 91/2020, granting income tax exemption to the Yamuna Expressway Industrial Development Authority. This exemption applies to specific income sources, including government grants, proceeds from property disposal, rental income, and interest earned on deposited funds. The notification is effective retrospectively from assessment years 2014-2015 to 2018-2019, subject to certain conditions.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th December, 2020 S.O. 4684(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 pu

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FAQ :

This notification grants income tax exemption to the Yamuna Expressway Industrial Development Authority for specified income earned by it.

The notification covers grants from the State Government, money from the disposal of property, rent/fees from property disposal, interest earned on bank deposits, and interest/penalties from deferred payments.

Yes, the Authority must not engage in commercial activity, its activities and income nature must remain unchanged, and it must file its income tax return and an audit report with a certificate confirming compliance.

This notification is deemed to have been applied for the assessment years 2014-2015, 2015-2016, 2016-2017, 2017-2018, and 2018-2019.

The notification was issued in view of an Order from the Hon'ble High Court of Delhi concerning the Yamuna Expressway Industrial Development Authority.