The central government has extended the exemption to income tax under section 10 of the Income-tax Act, 1961 to Kalyan Karnataka Region Development Board and Karnataka State Natural Disaster Monitoring Centre subject to the fulfilment of the following conditions, namely:
- Shall not engage in any commercial activity;
- Activities and the nature of the specified income shall remain unchanged throughout the financial year; and
- 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 the assessment years 2022-2023 and 2023-2024 relevant for the Financial Years 2021-2022 and 2022-2023.
