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Ministry of Finance, through the Central Board of Direct Taxes, issued Notification No. 49/2024-Income Tax on June 6, 2024, which recognizes the ‘Real Estate Appellate Tribunal, Punjab’ (PAN AAALR2230D) as exempt from income tax under clause (46) of section 10 of the Income-tax Act, 1961. This exemption applies to specified income including fees, charges, and fines collected under relevant real estate regulations, government grants, and interest on bank deposits. The exemption is contingent on the tribunal not engaging in commercial activities, maintaining consistent activities and income nature, and filing income returns as required. The notification is effective for assessment years 2023-2024 to 2027-2028, corresponding to financial years 2022-2023 to 2026-2027. It is noted that no individuals are adversely affected by the retrospective application of this notification.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 49/2024-Income Tax | Dated: 6th June, 2024

S.O. 2208(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, ‘Real Estate Appellate Tribunal, Punjab’ (PAN AAALR2230D), a body constituted by the Government of Punjab, in respect of the following specified income arising to that body, namely:

(a) Levy of fees/charges/fines collected under The Real Estate (Regulation and Development) Act, 2016 (Central Act No.16 of 2016) and Punjab State Real Estate (Regulation and Development) Rules, 2017.

(b) Government grants.

(c) Interest on bank deposits.

2. This notification shall be effective subject to the conditions that Real Estate Appellate Tribunal, Punjab –

(a) shall not engage in any commercial activity;

(b) its activities and the nature of the specified income shall remain unchanged throughout the financial year(s); 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 Year(s) 2023-2024, 2024-2025, 2025- 2026, 2026-2027 and 2027-2028 relevant for the Financial Year(s) 2022-2023, 2023-2024, 2024-2025, 2025­2026 and 2026-2027 respectively.

[Notification No. 49/2024 F. No. 300196/16/2022-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.

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