Ministry of Finance notifies Odisha and Jharkhand real estate regulatory authority as a ‘class of authority’ for income tax relaxations

The Ministry of finance in its gazette notification dated 25th June 2020 notifies Odisha and Jharkhand Real Estate Regulatory Authority as a ‘class of Authority’ in respect of the following specified income arising to that Authority, namely:

  • Amount received as Grant-in-aid or loan/advance from Government.
  • Fee/penalty received from builders/developers, agents or any other stakeholders as per the provisions of the Real Estate (Regulation and Development) Act, 2016.
  • Interest earned on the above.

However the Real Estate Regulatory Authority shall not engage in any commercial activity or activities and the nature of the specified income shall remain unchanged throughout the financial years 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 and shall file the audit report along with return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied.

Click here to read the notification.