These are the latest notifications issued by CBDT on Income Tax which have been published recently. The notifications are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.
S.O. 5365(E).—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, ‘Kozhikode District Sports Council, Kozhikode’, a body constituted under Section 9 of the Kerala Sports Act, 2000 (Act 2 of 2001), in respect of the following specified income arising to that body, namely:—
(a) Grants from Government and State Sports Council;
(b) Rent Collected from Stadium and shop rooms housed in Koyilandy stadium and VKK Mendon Indoor stadium;
(c) Interest earned on (a) & (b) above.
2. This notification shall be effective subject to the conditions that Kozhikode District Sports Council, Kozhikode—
(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.
3. This notification shall be deemed to have been applied for the assessment years 2016-17, 2017-18 and 2018-19 and shall apply with respect to the assessment years 2019-20 and 2020-21