The Central Board of Direct Taxes (CBDT) on January 02, 2024, issued a notification for the purposes of the ‘Bellary Urban Development Authority’ (PAN AAALB0037A) an Authority constituted by the Government of Karnataka, in respect of the certain specified income arising to that Authority.
The following are the specified income arising to the Authority namely: -
• Revenue from own layout development
• Collections on account of private layout betterment charges
• Civil supervision charges
• Lease from civic amenities sites
• Interest earned on bank deposits
This notification shall be effective subject to the conditions that Bellary Urban Development Authority 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 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2020-2021, 2021-2022 and 2022-2023 respectively.
[Notification No. 40(E)]
