U/s 10(46) of IT Act 1961 - Central Government notifies 'Real Estate Regulatory Authority' in respect of the specified income arising to that Authority - 47/2020 - Income Tax Act, 1961
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Tax exemption for specified authority income: RERA notified as exempt for grants, fees and related interest subject to conditions. Central Government notifies Real Estate Regulatory Authority as a class of Authority for specified income comprising government grants/loans, fees/penalties under the Real Estate (Regulation and Development) Act, 2016, and interest thereon. The notification is conditional on non-engagement in commercial activity, unchanged activities and income nature across financial years, filing the return of income as prescribed, 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 specified authority income: RERA notified as exempt for grants, fees and related interest subject to conditions.
Central Government notifies Real Estate Regulatory Authority as a class of Authority for specified income comprising government grants/loans, fees/penalties under the Real Estate (Regulation and Development) Act, 2016, and interest thereon. The notification is conditional on non-engagement in commercial activity, unchanged activities and income nature across financial years, filing the return of income as prescribed, and filing an audit report with a chartered accountant's certificate confirming compliance.
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