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.