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 - 49/2020 - 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 and reporting. Notification designates the Real Estate Regulatory Authority constituted under the Real Estate (Regulation and Development) Act, 2016 as a class of authority for tax purposes in respect of specified income: government grants/loans, fees and penalties from stakeholders, and interest thereon. Applicability is subject to conditions: no commercial activity, unchanged nature of activities and income, statutory return filing, and an audit report with a chartered accountant's compliance certificate.
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 and reporting.
Notification designates the Real Estate Regulatory Authority constituted under the Real Estate (Regulation and Development) Act, 2016 as a class of authority for tax purposes in respect of specified income: government grants/loans, fees and penalties from stakeholders, and interest thereon. Applicability is subject to conditions: no commercial activity, unchanged nature of activities and income, statutory return filing, and an audit report with a chartered accountant's compliance certificate.
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