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 - 37/2020 - Income Tax Act, 1961
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Tax exemption for Real Estate Regulatory Authority: specified non-commercial receipts notified as exempt subject to compliance conditions. Notification under clause (46) of section 10 of the Income-tax Act, 1961 notifies the Real Estate Regulatory Authority as a class of Authority for specified income: government grants/loans, fees/penalties from stakeholders under the Real Estate (Regulation and Development) Act, 2016, and interest on those receipts. The notification is conditional on no commercial activity, unchanged nature of activities and income, filing of return under clause (g) of sub-section (4C) of section 139, and filing 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 non-commercial receipts notified as exempt subject to compliance conditions.
Notification under clause (46) of section 10 of the Income-tax Act, 1961 notifies the Real Estate Regulatory Authority as a class of Authority for specified income: government grants/loans, fees/penalties from stakeholders under the Real Estate (Regulation and Development) Act, 2016, and interest on those receipts. The notification is conditional on no commercial activity, unchanged nature of activities and income, filing of return under clause (g) of sub-section (4C) of section 139, and filing an audit report with a chartered accountant's certificate confirming compliance.
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