CBDT notifies Chennai Metropolitan Water Supply and Sewerage Board for Exemption u/s 10(46) of IT Act [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified Chennai Metropolitan Water Supply and Sewerage Board for Income Tax Exemption under section 10(46) of the Income Tax Act, 1961 via issuing a Notification.

The Notification Read as follows:

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, ‘Chennai Metropolitan Water Supply and Sewerage Board’ (PAN: AAALM0037B), a Board constituted by the Government of Tamil Nadu, in respect of the specified income arising to that Board.

The following specified income arising to that Board, namely:

(a) Grant and subsidies received from the Government;

(b) Centage receipts received from Municipalities, Local authorities and Government;

(c) Receipts of taxes, charges, fees, fines, forfeitures, penalties, etc. by whatever name called;

(d) Income from the sale of farm produce, rent from properties;

(e) 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

(f) Interest earned on bank deposits.

This notification shall be effective subject to the conditions that Chennai Metropolitan Water Supply and Sewerage Board:-

(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 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.

For Official Notification Download PDF Given Below: