The Central Board of Direct Taxes (CBDT) has issued Notification No. 98/2024 on August 7, 2024, under the authority of clause (46) of section 10 of the Income-tax Act, 1961. The notification declares that the Karnataka State Natural Disaster Monitoring Centre (PAN: AAATD2434P), a state government entity, is exempt from income tax on specified incomes. These incomes include grants received from the State Government and Government of India, income from data sharing activities, and interest on bank deposits. This exemption is contingent upon the Centre not engaging in any commercial activities, maintaining the nature of its specified income, and filing income returns as per section 139(4C)(g) of the Income-tax Act. The notification is retrospectively effective for the assessment years 2021-2022 to 2023-2024, covering the financial years 2020-2021 to 2022-2023, and prospectively for assessment years 2024-2025 and 2025-2026, corresponding to financial years 2023-2024 and 2024-2025. The Explanatory Memorandum assures that the retrospective effect does not adversely affect any individual.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 98/2024- Income-Tax | Dated: 7th August, 2024
S.O. 3202(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 Natural Disaster Monitoring Centre’ (PAN:AAATD2434P), a body constituted by the State Government of Karnataka, in respect of the following specified income arising to that body, namely:-
(a) Grant –in-aid received from State Govt. and Govt. of India,
(b) Income received from data sharing activities, and
(c) Interest on bank deposits
2. This notification shall be effective subject to the conditions that Karnataka State Natural Disaster Monitoring 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 have been applied for the assessment years 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2020-2021, 2021-2022 and 2022-2023 and shall be applicable for the assessment years 2024-2025 and 2025-2026 relevant for the financial years 2023-2024 and 2024-2025 respectively.
[Notification No. 98/2024/F.No.300196/9/2020-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.
