Karnataka State Rural Livelihood Promotion Society notified for Income Tax Exemption u/s 10(46) [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified Karnataka State Rural Livelihood Promotion Society for Income Tax Exemption u/s 10(46) of the Income Tax Act, 1961 via 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, ‘Karnataka State Rural Livelihood Promotion Society’ (PAN AACAK0581H), a body constituted by the Government of Karnataka, in respect of the specified income arising to the said body.

The following specified income arising to the said body namely, as follows:

(a) Grants received from the Central Government;

(b) Grants received from the State Government of Karnataka; and

(c) Interest earned on bank deposits.

This notification shall be effective subject to the conditions that Karnataka State Rural Livelihood Promotion Society –

(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 a 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 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-2023 respectively.

For Official Notification Download PDF Given Below: