The Central Board of Direct Taxes (CBDT) on January 02, 2024, issued a notification for the purposes of the ‘Karnataka State Rural Livelihood Promotion Society’ (PAN AACAK0581H) a body constituted by the Government of Karnataka, in respect of the certain specified income arising to that body.
The following are the specified income arising to the body namely: -
• Grants received from the Central Government
• Grants received from the State Government of Karnataka
• Interest earned on bank deposits.
This notification shall be effective subject to the conditions that Karnataka State Rural Livelihood Promotion Society 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 a 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 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-2023 respectively.
[Notification No. 41(E)]
