Central Government hereby notifies ‘Karnataka State Unorganised Workers Social Security Board’, Bengaluru, a board constituted by the Government of Karnataka for exemption U/s. 10(46) vide Notification No. 62/2018 Dated 8th October, 2018.

MINISTRY OF FINANCE
(Department of Revenue)
(Central Board of Direct Taxes)
Notification No. 62/2018
New Delhi, the 8th October, 2018

S.O. 5176(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, ‘Karnataka State Unorganised Workers Social Security Board’, Bengaluru, a board constituted by the Government of Karnataka, in respect of the following specified income arising to that board, namely.—

a) Grant-in-Aid released by State Government;

b) Interest earned on (a) above.

2. This notification shall be effective subject to the conditions that Karnataka State Unorganised Workers Social Security Board, Bengaluru –

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) of section 139 of the Income-tax Act, 1961.

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

[Notification No. 62 /2018, F.No. 300196/39/2017-ITA-I]

VINAY SHEEL GAUTAM, Under Secy.

Explanatory Memorandum: It is certified that no person is being adversely affected by giving retrospective effect to this notification.

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