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of <h1>Chennai Water Board's Income Tax Exemption u/s 10(46) Covers 2019-2023; No Commercial Activities Allowed.</h1> The Central Government has notified the 'Chennai Metropolitan Water Supply and Sewerage Board' under section 10(46) of the Income-tax Act, 1961, exempting specified income from taxation. The exempted income includes grants, subsidies, centage receipts, taxes, fees, fines, income from property rent, sale of farm produce, and various miscellaneous incomes. The Board must not engage in commercial activities, maintain the nature of specified income, and file income returns as per legal requirements. This exemption applies retrospectively for assessment years 2020-2021 to 2023-2024, covering financial years 2019-2020 to 2022-2023. No individuals are adversely affected by this retrospective application.
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