Regional Air Connectivity Fund Trust notified under section 10
Regional Air Connectivity Fund Trust notified under clause (46) of section 10 of the Income-tax Act, 1961- NOTIFICATION
S.O. 73(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, ‘Regional Air Connectivity Fund Trust (PAN AADTR1130P), a trust constituted by the Central Government, in respect of the following specified income arising to that trust, namely:-
(a) Grant from Government;
(b) Receipt of levy from Airlines;
(c) Forfeiture of bank guarantee due to non-fulfillment of obligation by Airlines; and
(d) Interest income earned on (a) to (c) above.
- This notification shall be effective subject to the conditions that Regional Air Connectivity Fund Trust, –
(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. - This notification shall be deemed to have been applied for the period from 01.06.2020 to 31.03.2021 for the financial year 2020-2021 and shall apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024 and 2024-2025.
Explanatory Memorandum:
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
Also Read: New Faceless Appeal Scheme 2021 under the Income-tax
Read More on Income-tax, CBDT
