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 - 86/2021 - Income Tax Act, 1961
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Tax exemption for Real Estate Regulatory Authority: specified income notified exempt subject to conditions on activity, returns, and audit. Notification treats the Real Estate Regulatory Authority constituted under the Real Estate (Regulation and Development) Act as a class of Authority for specified income comprising government grants/loans, fees/penalties from stakeholders, and interest thereon, subject to conditions: no commercial activity, unchanged nature of activities and income across listed years, prescribed income-tax return filing, and filing 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 income notified exempt subject to conditions on activity, returns, and audit.
Notification treats the Real Estate Regulatory Authority constituted under the Real Estate (Regulation and Development) Act as a class of Authority for specified income comprising government grants/loans, fees/penalties from stakeholders, and interest thereon, subject to conditions: no commercial activity, unchanged nature of activities and income across listed years, prescribed income-tax return filing, and filing an audit report with a chartered accountant's compliance certificate.
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