Mysore Palace Board notified for Income Tax Exemption u/s 10(46):

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, ‘Mysore Palace Board’ (PAN: AAAGM0484M), a Board established under the Mysore Palace (Acquisition and Transfer) Act, 1998 in respect of the following specified income arising to the said Board, namely: (a) Income from Palace or proceeds of any property vested in the Board; (b) All fees and charges levied by the Board under the Mysore Palace (Acquisition and Transfer) Act, 1998 and forming part of the Board fund; (c) Rent received from the shops/stalls let out to Government Agencies; and (d) Interest earned on bank deposits. 2. This notification shall be effective subject to the conditions that Mysore Palace 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 2024-25 to 2025-26 relevant for the financial years 2023-24 to 2024-25 and shall be applicable for assessment years 2026-27 to 2028-29 relevant for the financial years 2025-26 to 2027-28.