U/s 10(46) of IT Act 1961 - Central Government notifies ' Yamuna Expressway Industrial Development Authority ' in respect of the specified income arising to that Authority - 91/2020 - Income Tax Act, 1961
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Tax exemption under section 10(46) grants specified income treatment subject to conditions and retrospective application. Notification under section 10(46) designates Yamuna Expressway Industrial Development Authority as entitled to tax treatment for specified income: state grants; proceeds and charges from disposal of land, buildings and other properties; interest on bank deposits; and interest/penalties on deferred payments from allottees. The exemption is conditional on non-engagement in commercial activity, unchanged nature of activities and income, prescribed return filing, and an audit report with a chartered accountant's certificate confirming compliance; the notification is given retrospective effect for specified assessment years.
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 under section 10(46) grants specified income treatment subject to conditions and retrospective application.
Notification under section 10(46) designates Yamuna Expressway Industrial Development Authority as entitled to tax treatment for specified income: state grants; proceeds and charges from disposal of land, buildings and other properties; interest on bank deposits; and interest/penalties on deferred payments from allottees. The exemption is conditional on non-engagement in commercial activity, unchanged nature of activities and income, prescribed return filing, and an audit report with a chartered accountant's certificate confirming compliance; the notification is given retrospective effect for specified assessment years.
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