Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has issued Notification No. 9/2024 – Income Tax, dated January 5, 2024. This notification pertains to the Polavaram Project Authority, Hyderabad, and grants specific approval under clause (46) of section 10 of the Income-tax Act, 1961.

Detailed Analysis:

1. Specified Income: The notification outlines the specified income for the Polavaram Project Authority, comprising grants received from the Central Government and interest earned on bank deposits.

2. Conditions for Effectiveness: To ensure compliance, the notification imposes conditions. The Polavaram Project Authority must refrain from engaging in commercial activities, maintain the nature of specified income, and file income tax returns in accordance with specified provisions.

3. Applicability and Retrospective Effect: The notification specifies that it applies to assessment years 2020-2024, corresponding to financial years 2019-2023. This retrospective effect ensures clarity for the Polavaram Project Authority during these fiscal periods.

4. Explanatory Memorandum: The included memorandum certifies that no adverse impact will befall any individual due to the retrospective application of this notification.

Conclusion: In conclusion, Notification No. 9/2024 brings essential clarity to the taxation status of the Polavaram Project Authority. With a focus on specified income and stringent conditions, this notification ensures transparency and compliance. The retrospective effect further provides a comprehensive framework for assessment years 2020-2024. The explanatory memorandum guarantees that no individual will face adverse effects, consolidating the credibility of this income tax update. Stay informed about the latest developments in income tax regulations for a robust financial strategy.

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

Notification No. 9/2024 – Income Tax | Dated: 5th January, 2024

S.O. 82(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, ‘Polavaram Project Authority, Hyderabad (PAN: AAAGP0436N), an Authority constituted by the Central Government in respect of the following specified income arising to the said Authority, as follows:

(a) Grants received from the Central Government; and

(b) Interest earned on bank deposits.

2. This notification shall be effective subject to the conditions that Polavaram Project Authority, Hyderabad –

(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 2020-2021, 2021-2022, 2022- 2023 and 2023-2024 relevant for the financial years 2019-2020, 2020-2021, 2021-2022 and 2022-2023 respectively.

[Notification No. 9/2024 F. No. 300196/51/2019-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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