Ministry of Finance (Department of Revenue) issued Notification No. 4/2025 under clause (46) of Section 10 of the Income-tax Act, 1961. It exempts specified incomes of ‘The Commissioners for the Rabindra Setu, Kolkata’ (established under the Howrah Bridge Amendment Act, 1965) from income tax for assessment years 2019-2020 to 2023-2024. The specified incomes include proceeds from municipal and railway taxes, miscellaneous earnings (such as rental charges, optical fiber cable laying fees, wayleave rent, and damage recoveries), and interest on bank deposits. The exemption is subject to conditions: the Commissioners must not engage in commercial activities, the nature of income must remain consistent, and income returns must be filed under Section 139(4C)(g). The notification retrospectively applies to financial years 2018-2019 to 2022-2023. An explanatory memorandum clarifies that no individual is adversely affected by the retrospective application.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 4/2025 – Income Tax | Dated: 3rd January, 2025
S.O. 48(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, ‘The Commissioners for the Rabindra Setu, Kolkata’ (PAN AABTT2734P), a body established under the Howrah Bridge (Amendment) Act, 1965 (West Bengal Act XII of 1965), in respect of the following specified income arising to that body, namely:
a. Proceeds from Taxes of Municipalities / Municipal Corporation and Railways;
b. Miscellaneous income like Rental and Maintenance charge, income for laying optical fibre cable, way leave rent, Damage cost recoverable; and
c. Interest earned on bank deposits.
2. This notification shall be effective subject to the conditions that ‘The Commissioners for the Rabindra Setu, Kolkata’:-
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 have been applied for assessment years 2019-2020 to 2023-2024 relevant for the financial years 2018-2019 to 2022-2023 respectively.
[Notification No. 4/2025 F. No. 196/1/2023-ITA-I]
ASHWANI KUMAR, Under Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
