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

Notification No. 48/2018-Income Tax

New Delhi, the 14th September, 2018

S.O. 4862 (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, ‘Gujarat Water Supply and Sewerage Board’, Gandhinagar, a Board constituted by Government of Gujarat, in respect of the following specified income arising to that board, namely:-

(a) Grant received from state government;

(b) Deposits received from Local Bodies;

(c) Centage at rates prescribed by the Government of Gujarat;

(d) Water charges (tariff fixed by the Govt. of Gujarat) collected from local bodies, farmer for Water supply;

(e) Rent collected as per the provisions of Gujarat Water Supply and Sewerage Act, 1978; and

(f) Interest on (a) to (e) above.

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

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income 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) section 139 of the Income-tax Act, 1961.

3. This notification shall be deemed to have been applied for the assessment years 2017-18 and 2018-19 and shall apply with respect to the assessment years 2019-20, 2020-21 and 2021-22.

[Notification No. 48/2018 F.No.300196/11/2017-ITA-I]
VINAY SHEEL GAUTAM, Under Secy.

Also Read- Corrigendum to Income Tax Notification No. 48/2018 dated 14/09/2018

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