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Type of Document: Notification
Notification Date: 3-1-2025
Relevant Act(s)/Rule(s): Income-tax Act, 1961
Notification No.: S.O. 49(E)
The Central Government, in exercise of the powers conferred by Clause (46) of Section 10 of the Income-tax Act, 1961, has notified the Karnataka State Horticulture Development Agency (PAN: AAALE0284C), a society constituted by the Government of Karnataka, for the purposes of specified income. The income covered includes grants-in-aid received from both the Central and Karnataka State Governments, revenue from horticulture activities as per the agency’s Memorandum of Association, and interest on bank deposits. The notification is subject to certain conditions such as non-engagement in commercial activities, unchanged nature of specified income, and compliance with return filing requirements under Section 139(4C) of the Income-tax Act. This notification applies to the assessment years 2021-2025.
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