The Central Board of Direct Taxes (CBDT) on December 05, 2023, issued a notification for the purposes of the ‘Godavari River Management Board, Hyderabad’ (PAN AAAGG1473Q), a Board constituted by the Government of India, in respect of the certain specified income arising to that Authority.
The following are the specified income arising to the Authority namely: -
• Grants/Subsidies received from the Central Government
• Grants/Subsidies received from the State Governments of Andhra Pradesh and Telangana
• Interest from bank deposits, including savings account
This notification shall be effective subject to the conditions that Godavari River Management Board, Hyderabad 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 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 2020-21 and 2023-24 relevant for the financial years 2019-2020 and 2022-2023 respectively.
[Notification No. 5169(E)]
