U/s 10(46) of IT Act 1961 - Central Government notifies ‘‘Real Estate Regulatory Authority’ constituted by the Government of India in respect of the specified income arising to that Authority - 36/2020 - Income Tax Act, 1961
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Tax exemption for Real Estate Regulatory Authority: specified income notified, subject to non commercial status, return filing and audit certification. Notification under section 10(46) declares Real Estate Regulatory Authority as a class of Authority for exemption of specified income: government grants/loans, fees/penalties from stakeholders under the Real Estate (Regulation and Development) Act, 2016, and interest on those receipts. The exemption is conditional on the Authority not engaging in commercial activity, maintaining the unchanged nature of activities and specified income across financial years, filing returns under clause (g) of sub section (4C) of section 139, and submitting an audit report with a chartered accountant's certificate confirming compliance.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption for Real Estate Regulatory Authority: specified income notified, subject to non commercial status, return filing and audit certification.
Notification under section 10(46) declares Real Estate Regulatory Authority as a class of Authority for exemption of specified income: government grants/loans, fees/penalties from stakeholders under the Real Estate (Regulation and Development) Act, 2016, and interest on those receipts. The exemption is conditional on the Authority not engaging in commercial activity, maintaining the unchanged nature of activities and specified income across financial years, filing returns under clause (g) of sub section (4C) of section 139, and submitting an audit report with a chartered accountant's certificate confirming compliance.
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