Cochin Special Economic Zone Authority| income tax notification no-27/2020

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION no-27

New Delhi, the 27th May, 2020

S.O. 1659(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, ‘Cochin Special Economic Zone Authority’, Kochi (PAN AAAGC0659L), a authority constituted by the Government of India, in respect of the following specified income arising to that Authority, namely:-

(a) Lease rent (charged as per Government prescribed rate);

(b) Interest from banks on RDRs; (c) Receipts from I-Card and permit fee;

(d) Allotment Fee in respect of Standard Design Factories (SDF);

(e) Auction/Bid amount in respect of Plots/Buildings which fall vacant;

(f) Transfer charges in respect of Plot/Building;

(g) Fee for issue of Form-I for exemption of Building Plans;

(h) Processing fee for approval of Building Plans;

(i) Usage charges from Service provided;

(j) License fee for allotment of Staff Quarters to the Staff;

(k) Integrated Water Management Systems (IWMS) (Water Treatment Plant (WTP), Common Effluent Treatment Plant (CETP), Incinerator, Biogas Plant) charges/fees/fine etc.; (l) Power Distribution Business;

and (m) From the sale of miscellaneous scrap/waste.

2. This notification shall be effective subject to the conditions that Cochin Special Economic Zone Authority, Kochi,-

(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.

(d) Shall file the audit report along with the 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.

3. This notification shall be deemed to have been applied for the assessment years 2018-2019 and 2019-2020 and shall apply with respect to the assessment years 2020-2021, 2021-2022 and 2022-2023.

[Notification No. 27 /2020/F.No.300196/26/2018-ITA-I]

PRAJNA PARAMITA, Director

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