Notification No. 05/2025 [F. No. 300196/37/2019-ITA-I] Dated 3nd January, 2025
MINISTRY OF FINANCE
(Department of Revenue)
S.O. 49(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, ‘Karnataka State Horticulture Development Agency’ (PAN: AAALE0284C), a Society constituted by the Government of Karnataka, in respect of the following specified income arising to that Society, namely:-
(a) Grants-in-aid received from Central Government and State Government of Karnataka;
(b) Revenue from horticulture activities undertaken as per the aims and objectives of Karnataka State Horticulture Development Agency as mentioned in its Memorandum of Association issued vide Karnataka Government Order No: AHD 88 HPP 2008, dated 14.11.2008; and
(c) Interest on bank deposits.
2. This notification shall be effective subject to the conditions that ‘Karnataka State Horticulture Development Agency’ –
(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.
3. This notification shall be deemed to have been applied for the assessment years 2021-2022, 2022-2023, 2023-2024 & 2024-2025 relevant for the financial years 2020-2021, 2021-2022, 2022-2023 & 2023-2024.