Home Income tax Corporate Income tax CBDT Notification No. 76 /2023 for I-T Exemption to ‘Real Estate Regulatory Authorities’

CBDT Notification No. 76 /2023 for I-T Exemption to ‘Real Estate Regulatory Authorities’

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CBDT Notification No. 76 /2023 for I-T Exemption to ‘Real Estate Regulatory Authorities’

Overview of Income Tax Notification No. 76 /2023

The Central Board of Direct Taxes (CBDT) has, via notification, S.O. 3865(E) dated 1st September, granted earnings tax exemption to Actual Property Regulatory Authorities (RERA) in 4 completely different states, as detailed within the connected desk on the finish of this text underneath Part 10(46) of the Earnings Tax Act, 1961.

Underneath Part 10, clause (46) of the Earnings-tax Act, 1961, the Central Authorities has issued a notification designating ‘Actual Property Regulatory Authorities’ as outlined within the connected schedule.

These authorities have been established by the federal government underneath Part 20(1) of the Actual Property (Regulation and Improvement) Act, 2016, and are labeled as a selected ‘class of Authority’. This exemption goals solely to specify earnings earned by these Authorities, which incorporates:

  • Quantity acquired as grants or loans/advances from the Authorities.
  • Charges/penalties collected from builders, builders, brokers, or different stakeholders underneath the Actual Property (Regulation and Improvement) Act, 2016.
  • Curiosity earned on the aforementioned standards 1&2.

Vital: Finest Efficient Tricks to Deal with Actual Property Accounting Work

This notification takes impact with the situation that every Actual Property Regulatory Authority:

  • Should not interact in any industrial actions.
  • The actions and nature of the required earnings should stay unchanged all through the monetary years.
  • Shall submit an earnings tax return as per the provisions of clause (g) of sub-section (4C) of part 139 of the Earnings-tax Act, 1961.

This notification applies to the monetary yr 2022-23, related for the evaluation yr 2023-24.

Schedule

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