Central Government notifies 'Mysore Palace Board', Karnataka, a board constituted by the Government of Karnataka, in respect of the specified income arising to that Board- (Ministry of Finance ) (09 Apr 2019)

MANU/CBDT/0041/2019

Direct Taxation

S.O.1537(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, 'Mysore Palace Board', Karnataka, a board constituted by the Government of Karnataka, in respect of the following specified income arising to that 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 stalls let out to Government Agencies; and

(d) Interest earned on (a) to (c) above.

2. This notification shall be effective subject to the conditions that Mysore Palace Board, Karnataka,-

(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 apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024.

Tags : BOARD CONSTITUTION INCOME FROM PALACE