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of <h1>Karnataka State Rural Livelihood Promotion Society Gains Tax Exemption u/s 10(46) for Specific Income Sources.</h1> The Central Government has notified the Karnataka State Rural Livelihood Promotion Society for exemption under section 10(46) of the Income-tax Act, 1961. This exemption applies to grants received from the Central and State Government of Karnataka, and interest earned on bank deposits. The Society must not engage in commercial activities, maintain the nature of its specified income, and file income returns as per section 139(4C)(g) of the Act. The notification is effective for assessment years 2019-2020 to 2023-2024, covering financial years 2018-2019 to 2022-2023, without adversely affecting any person retrospectively.
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