Exemption from specified income U/s 10(46) of IT Act 1961 - 'Mysore Palace Board' - 39/2025 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 39/2025 New Delhi, the 24th April, 2025 S.O. 1850(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, Mysore Palace Board (PAN: AAAGM0484M), a Board established under the Mysore Palace (Acquisition and Transfer) Act, 1998 in respect of the following specified income arising to the said Board, namely: (a) Income from Palace or proceeds of any property vested in the Board; (b) All fees and charges levied by the Board under the Mysore Palace (Acquisition and Transfer) Act, 1998 and forming part of the Board fund; (c) Rent received from the shops/stalls let out to Government Agencies; and (d) Interest earned on bank deposits. 2. This notification shall be effective subject to the conditions that Mysore Palace Board (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 assessment years 2024-25 to 2025-26 relevant for the financial years 2023-24 to 2024-25 and shall be applicable for assessment years 2026-27 to 2028-29 relevant for the financial years 2025-26 to 2027-28. [F. No. 300196/94/2024-ITA-I] ASHWANI KUMAR, Under Secy. Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.