Notification under section 10 sub section 46 of Income tax Act 1961 in case of Chhatisgarh, Uttarakhand, Madhya Pradesh, Punjab Real Estate Regulatory Authority.

Last updated: 02 September 2023

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The Central Board of Direct Taxes has issued a notification under the Income Tax Act, 1961, granting an exemption from income tax to Real Estate Regulatory Authorities in Chhattisgarh, Uttarakhand, Madhya Pradesh, and Punjab. This exemption applies to specific income sources including government grants, loans, fees/penalties from stakeholders, and interest earned on these amounts. The notification is effective from the financial year 2022-2023.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 1st September, 2023 S.O. 3865(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, Real Estate Regulatory Authorities as specified in the schedule to this notification, constituted by Government in exercise of powers conferred under sub-section(1) of Secti

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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FAQ :

The notification covers the Real Estate Regulatory Authorities of Chhattisgarh, Uttarakhand, Madhya Pradesh, and Punjab.

Eligible income includes amounts received as grants-in-aid or loans/advances from the Government, fees/penalties from builders, developers, agents, or other stakeholders, and any interest earned on these amounts.

The authorities must not engage in any commercial activity, their activities and income nature must remain unchanged, and they must file their income tax returns as per the Income-tax Act.

This notification is deemed to be effective from the financial year 2022-2023, relevant to assessment year 2023-2024.