Introduction: Delve into the specifics of Notification No. 60/2023 issued by the Ministry of Finance, highlighting the tax exemption for the State Pollution Control Board Odisha. Dated 10th August 2023, this notification outlines the categories of income that fall under exemption, along with the essential conditions for maintaining eligibility.
Analysis: The Central Board of Direct Taxes has unveiled Notification No. 60/2023, leveraging the powers granted by clause (46) of section 10 of the Income-tax Act, 1961. This notification announces tax exemption for the ‘State Pollution Control Board Odisha,’ established by the State Government of Odisha. The specified income eligible for exemption encompasses a range of sources, such as regulatory charges, penalties, grants, contributions, and interest.
For the Board to enjoy this tax exemption, it is vital to abide by certain conditions. Notably, commercial activities are to be avoided, and the nature of the specified income must remain consistent throughout the financial years. Additionally, the Board is required to adhere to the income tax return filing provisions stipulated in clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
Conclusion: In conclusion, Notification No. 60/2023 stands as a significant development, granting tax exemption status to the State Pollution Control Board Odisha. The recognition of specified income categories and adherence to the outlined conditions are pivotal for the Board’s continued eligibility for tax exemption. This notification, reflecting the government’s commitment to environmental concerns, holds implications for the state’s pollution control efforts and underscores the need for responsible financial management within the Board.
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Ministry Of Finance
(Department Of Revenue)
(Central Board of Direct Taxes)
New Delhi
Notification No. 60/2023-Income-tax | Dated: 10th August, 2023
S.O. 3579(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, ‘State Pollution Control Board Odisha’ (PAN AAALS2490J), a Board constituted by the State Government of Odisha, in respect of the following specified income arising to that Board, namely:
(a) Regulatory charges under different Environmental Acts & Rules thereunder;
(b) Penalties & Levies collected under governing statutes;
(c) Grant-in-aid received from Central & State Governments;
(D) Grant in Aid received on behalf of Central & State Governments in the capacity of nodal agency;
(e) Share of contributions received for carrying out environmental studies & research;
(f) Miscellaneous income, like sale of scrap, profit on sale of assets, RTI application fees, forfeiture of Bank Guarantee, tender fees, examination fees, analysis charges and empanelment of consultant fees etc. and
(g) Interest earned on (a) to (f) above.
2. This notification shall be effective subject to the conditions that State Pollution Control Board Odisha,-
(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 2021-2022 to 2023-2024 relevant for the financial years 2020-2021 to 2022-2023 respectively.
[Notification No. 60 /2023 F.No.300196/6/2020-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.
