Central Board of Direct Taxes (CBDT) issued Notification No. 108 /2024/ F. No. 300196/15/2021-ITA-I] VIKAS SINGH, Director ITA-I dated 11.10.2024
The Central Government notifies ‘‘Gujarat Water Supply and Sewerage Board’, Gandhinagar (PAN: AAALG5041P), as a Board constituted by the Government of Gujarat for the purpose of exemption u/s 10(46) of the Income Tax 1961 for specified income arising to that Board namely:
(a) Grant received from Government, Local Bodies and Other Government Agencies;
(b) Centage at rates prescribed by the Gujarat Water Supply and Sewerage Board Act, 1978/Government of Gujarat;
(c) Water charges (tariff fixed by the Government of Gujarat) collected from local bodies/village panchayats/ industries;
(d) Receipts from Pension and gratuity contribution;
(e) Other incomes such as investigation charges, Hire Charges, Sale of Tender Schedule and Rent received under the Gujarat Water Supply and Sewerage Board Act, 1978; and
(f) Interest earned on bank deposits.
2. This notification shall be effective subject to the conditions that Water Supply and Sewerage Board, Gandhinagar-
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
3. This notification shall be deemed to have been applied for assessment years 2022-2023 and 2023-2024 relevant
for the financial years 2021-2022 and 2022-2023 and shall be applicable for assessment years 2024-2025, 2025-2026 and 2026-2027 relevant for the financial years 2023-2024, 2024-2025 and 2025-2026 respectively.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
Share this content: