CBDT Notifies Income Tax Exemption to Urban Improvement Trust Udaipur under clause (46) of Section 10 of IT Act

The Central Board of Direct Taxes(CBDT) has notified Income Tax Exemption to Urban Improvement Trust Udaipur under clause (46) of Section 10 of IT Act via issuing Notification.

The Notification Stated as, “In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘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 specified income arising to that Trust:-

(a) Grants received from the State Government;

(b) Moneys received from the disposal of land, building and other properties;

(c) Moneys received by way of rent/lease of land, building and other properties;

(d) Moneys received by way of fees, interest or any other charges received under the Rajasthan Urban Improvement Trust Act, 1959;

(e) Interest earned on (a) to (d) above; and

(f) Interest on Loans received from the State Government.

This notification shall be effective subject to the conditions that Urban Improvement Trust Udaipur,-

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c) 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 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.

For Official Notification Download PDF Given Below: