The Central Board of Direct Taxes (CBDT) on January 08, 2024, issued a notification for the purposes of ‘Chennai Metropolitan Water Supply and Sewerage Board’ (PAN: AAALM0037B), a Board constituted by the Government of Tamil Nadu.
The following are the specified income arising to the Company namely:
• Grant and subsidies received from Government;
• Centage receipts received from Municipalities, Local Authorities and Government;
• Receipts of taxes, charges, fees, fines, forfeitures, penalties, etc. by whatever name called;
• Income from the sale of farm produce, rent from properties;
• Other miscellaneous income such as interest on deposits with TNEB, GPF/CPS investments, staff welfare investments, Debt Reserve Fund, Fixed Asset renewal fund, advance to staff and contractors, sale of assets/scrap; and
• Interest earned on bank deposits.
This notification shall be effective subject to the conditions that Chennai Metropolitan Water Supply and Sewerage Board namely:
• Shall not engage in any commercial activity;
• Activities and the nature of the specified income shall remain unchanged throughout the financial years; and
• 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 assessment years 2020-2021, 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2019-2020, 2020-2021, 2021-2022 and 2022-23.
[Notification No S.O. 90(E)]
