Notification No. 95/2024-Income Tax | Dated: 24th July, 2024 under section 10(46) of the Income tax Act 1961 in case of Himachal Pradesh State Load Despatch Centre
Central Government has issued Notification No. 95/2024-Income Tax, dated 24th July 2024, under Section 10(46) of the Income-tax Act, 1961, to grant tax exemption to the Himachal Pradesh State Load Despatch Centre, Shimla (PAN-AAAAH7757E). This body, established by the Government of Himachal Pradesh, will enjoy tax exemption for specified income provided it adheres to conditions such as not engaging in commercial activities, maintaining the nature of specified income, and filing income tax returns as required. The notification is effective retrospectively for Assessment Years 2021-2022, 2022-2023, and 2023-2024, corresponding to Financial Years 2020-2021, 2021-2022, and 2022-2023.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi
Notification No. 95/2024-Income Tax | Dated: 24th July, 2024
S.O. 2934(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, ‘Himachal Pradesh State Load Despatch Centre, Shimla’, (PAN-AAAAH7757E), a body established by the Government of Himachal Pradesh, in respect of the following specified income arising to that body, namely:
2. This notification shall be effective subject to the conditions that Himachal Pradesh State Load Despatch Centre –
(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 be deemed to be applicable for Assessment years 2021-2022, 2022-2023 and 2023-2024 relevant to Financial years 2020-2021, 2021-2022 and 2022-2023.
[F.No.196/20/2021-ITA-I]
VIKAS SINGH, Director (ITA-I)
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
