SECTION 10(46) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY – KARNATAKA LIVESTOCK DEVELOPMENT AGENCY
NOTIFICATION NO. 7/2015 [F.NO.196/16/2014-ITA.I]/ SO 202(E), DATED 20-1-2015
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, the ‘Karnataka Livestock Development Agency’, a body constituted by the Government of Karnataka, in respect of the following specified income arising to the said body, as follows:—
| (a) | amount received in the form of grants-in-aid from Government of India; and | |
| (b) | income arising out or derived from interest on grants-in-aid. |
2. The notification shall be subject to the conditions that:—
| (a) | the body does not engage in any commercial activity; | |
| (b) | its activities and the nature of the specified income remain unchanged throughout the financial years; and | |
| (c) | it files return of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the said Act. |
3. This notification shall be applicable for financial years 2012-13 to 2016-17.
