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of <h1>Real Estate Regulatory Authorities Recognized for Specified Income under Income-tax Act, 1961, Retroactively from 2018-19 to 2022-23.</h1> The Central Government, under the powers of the Income-tax Act, 1961, has issued Notification No. 7/2019, superseding a previous notification, to recognize Real Estate Regulatory Authorities as a class of authority for specified income. This includes grants, fees, penalties, and interest earned. These authorities must not engage in commercial activities, maintain the nature of their income, and file returns as per the Income-tax Act. The notification applies retroactively from the assessment year 2018-19 to 2022-23. The listed authorities include those from Gujarat, Chhattisgarh, Rajasthan, and Tamil Nadu. It ensures no adverse effects from its retrospective application.
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