Central government has extended the income tax exemption available to non-profit entities to ‘Tamil Nadu Water Supply and Drainage Board, Chennai’

The central government has extended the exemption to income tax under section 10 of the Income-tax Act, 1961 to ‘Tamil Nadu Water Supply and Drainage Board, Chennai, subject to the fulfilment of the following conditions, namely:

1. Shall not engage in any commercial activity;
2. Activities and the nature of the specified income shall remain unchanged throughout the financial year; and
3. 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 applicable for assessment years 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029 relevant for the financial years 2023-2024, 2024-2025, 2025-2026, 2026-2027 and 2027-2028 respectively.