Exemption to Mysore Palace Board, Karnataka u/s 10(46) of Income Tax Act, 1961
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 33 /2019
New Delhi, the 9th April, 2019
S.O. 1537(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, ‘Mysore Palace Board’, Karnataka, a board constituted by the Government of Karnataka, in respect of the following specified income arising to that board, namely:-
(a) Income from Palace or proceeds of any property vested in the Board;
(b) All fees and charges levied by the Board under the Mysore Palace (Acquisition and Transfer) Act, 1998 and forming part of the Board fund;
(c) Rent received from the stalls let out to Government Agencies; and
(d) Interest earned on (a) to (c) above.
2. This notification shall be effective subject to the conditions that Mysore Palace Board, Karnataka,-
(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 apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024.
RAJARAJESWARI R., Under Secy.----------- Similar Posts: -----------