CBDT Notifies Haryana Water Resources (Conservation, Regulation and Management) Authority for Income Tax Exemption under Section 10(46)

The Central Board of Direct Taxes(CBDT) has notified Haryana Water Resources (Conservation, Regulation and Management) Authority for Income Tax Exemption under Section 10(46) 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, ‘Haryana Water Resources (Conservation, Regulation and Management) Authority’ (PAN AADAH3590A), an Authority established by the State Government of Haryana, in respect of the specified income arising to that Authority.”

The following specified income arising to that Authority, namely:-

(a) grants received from State Government of Haryana;

(b) application fee and Tariff fee received from users; and

(c) interest earned on (a) and (b) above.

This notification shall be effective subject to the conditions that Haryana Water Resources (Conservation, Regulation and Management) Authority:-

(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 2022-2023 and 2023-2024 relevant to financial years 2021-2022 and 2022-2023 respectively.

For Official Notification Download PDF Given Below: