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 SECTION 10(46) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - STATUTORY BODY/AUTHORITY/BOARD/COMMISSION - NOTIFIED BODY OR AUTHORITY - KARNATAKA LIVESTOCK DEVELOPMENT AGENCY

NOTIFICATION NO. 7/2015 [F.NO.196/16/2014-ITA.I]/ SO 202(E), DATED 20-1-2015

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, the 'Karnataka Livestock Development Agency', a body constituted by the Government of Karnataka, in respect of the following specified income arising to the said body, as follows:—

(a)   amount received in the form of grants-in-aid from Government of India; and
(b)   income arising out or derived from interest on grants-in-aid.

2. The notification shall be subject to the conditions that:—

(a)   the body does not engage in any commercial activity;
(b)   its activities and the nature of the specified income remain unchanged throughout the financial years; and
(c)   it files return of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the said Act.

3. This notification shall be applicable for financial years 2012-13 to 2016-17.

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