Income of Bangalore Water Supply and Sewerage Board exempted u/s 10(46) for 5 Assessment Years

Income of Bangalore Water Supply and Sewerage Board exempted u/s 10(46) for 5 Assessment Years

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 56 /2019

New Delhi, the 2nd August, 2019

S.O. 2782(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, ‘Bangalore Water Supply and Sewerage Board’, Bengaluru (PAN AAALB0015G) a Board constituted by the Government of Karnataka, in respect of the following specified income arising to that Board, namely:-

(a) Water Charges;

(b) Sanitary and Borewell Charges;
(c) Special Sanitary Charges;

(d) Meter Charge;

(e) Bulk Water Charges;

(f) Rent; and

(g) Interest on surplus amount earned out of the above.

2. This notification shall be effective subject to the conditions that Bangalore Water Supply and Sewerage Board, Bengaluru,-

(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 year 2020-2021, 2021-2022, 2022-2023, 2023-2024 and 2024-2025.

[F.No. 300196/67/2018-ITA-I]

RAJARAJESWARI R., Under Secy.

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