Notification no. 39/2025 dated 24.04.2025- Income tax

Central Board of Direct Taxes (CBDT) issued notification no. 39/2025 dated 24.04.2025. The Central Government hereby notifies for the purposes of the clause (46) of section 10 of the Income-tax Act, 1961
(43 of 1961), ‘Mysore Palace Board’ (PAN: AAAGM0484M), a Board established under the Mysore Palace (Acquisition and Transfer) Act, 1998 in respect of the following specified income arising to the said Board, namely:

(a) Income from Palace or proceeds of any property vested in the Board;

(b) All fees and charges levied by the Board under the Mysore Palace (Acquisition and Transfer) Act 1998 and forming part of the Board fund;

(c) Rent received from the shops/stalls let out to Government Agencies; and

(d) Interest earned on bank deposits.

This notification shall be effective subject to the conditions that Mysore Palace Board–

(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.

This notification shall be deemed to have been applied for assessment years 2024-25 to 2025-26 relevant for the financial years 2023-24 to 2024-25 and shall be applicable for assessment years 2026-27 to 2028-29 relevant for the financial years 2025-26 to 2027-28.

Explanatory Memorandum

It is certified that no person is being adversely affected by giving retrospective effect to this notification.