The Central Board of Direct Taxes (CBDT) on August 16, 2023, issued a notification for the purposes of the ‘Urban Improvement Trust Udaipur’, (PAN AAALU0072E) a Trust constituted by the State Government of Rajasthan, in respect of the specified income arising to that Trust.
The following are the specified income arising to the Trust namely: -
• Grants received from the State Government
• Moneys received from the disposal of land, building, and other properties
• Moneys received by way of rent/lease of land, buildings, and other properties
• Moneys received by way of fees, interest, or any other charges received under the Rajasthan Urban Improvement Trust Act, 1959
• Interest earned on the aforesaid points
• Interest on Loans received from the State Government
This notification shall be effective subject to the conditions that Urban Improvement Trust Udaipur namely: -
• Shall not engage in any commercial activity
• Activities and the nature of the specified income shall remain unchanged throughout the financial years
• Shall file the 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 the assessment years 2013-2014, 2014-2015, 2015- 2016, 2016-2017, and 2017-2018 relevant to the financial years 2012-2013, 2013-2014, 2014-2015, 2015-2016 and 2016-2017 respectively
[Notification No. 3666(E)]
