{"id":212340,"date":"2019-03-22T11:00:09","date_gmt":"2019-03-22T05:30:09","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=212340"},"modified":"2019-03-21T21:56:00","modified_gmt":"2019-03-21T16:26:00","slug":"visakhapatnam-special-economic-zone-authority-constituted-by-central-government","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/22\/visakhapatnam-special-economic-zone-authority-constituted-by-central-government\/","title":{"rendered":"‘Visakhapatnam Special Economic Zone Authority’ Constituted by Central Government"},"content":{"rendered":"
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S.O. 1398(E) \u2014<\/strong>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, \u2018Visakhapatnam Special Economic Zone Authority<\/strong>\u2019, an authority constituted by the Central Government, in respect of the following specified income arising to that authority, namely:\u2014<\/p>\n

(a) \u00a0Lease Rent (charged as per Government prescribed rate);<\/p>\n

(b) \u00a0Receipts from I-Card and Permit fees;<\/p>\n

(c) \u00a0Allotment fee in respect of Standard Design Factories;<\/p>\n

(d) \u00a0Auction\/bid amount in respect of Plots\/Building which fall vacant;<\/p>\n

(e) \u00a0Transfer charges in respect of Plot\/Building;<\/p>\n

(f) \u00a0Fee for Issue of Form-I for exemption of Building Plans;<\/p>\n

(g) \u00a0Processing fee for approval of Building Plans, conveying NOC\u2019s etc.;<\/p>\n

(h) \u00a0Site usage charges from Service Providers;<\/p>\n<\/div>\n<\/div>\n

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(i)\u00a0License fee for allotment of Staff Quarters to the Staff; and<\/p>\n<\/div>\n

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(j) Interest earned on (a) to (i) above.<\/p>\n<\/div>\n<\/div>\n

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2.<\/strong> This notification shall be effective subject to the conditions that Visakhapatnam Special Economic Zone Authority,-<\/p>\n<\/div>\n<\/div>\n

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(a) \u00a0shall not engage in any commercial activity;<\/p>\n

(b) \u00a0activities and the nature of the specified income shall remain unchanged throughout the financial years; and<\/p>\n

(c) \u00a0shall 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.<\/p>\n

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3.<\/strong> This notification shall be deemed to have been applied for the assessment year 2018-2019, and shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022 and 2022-2023.<\/p>\n

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[Notification No. 25 \/2019\/F. No. 300196\/62\/2018-ITA-I]<\/strong><\/p>\n

[Notification dt: 19-03-2019]<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Ministry of Finance<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

S.O. 1398(E) \u2014In exercise of the powers conferred by clause (46) of Section 10 of the Income-tax Act, 1961 (43 of 1961), <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[13081,34501,34500],"class_list":["post-212340","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications","tag-income-tax-act","tag-license-fee","tag-visakhapatnam-special-economic-zone-authority"],"yoast_head":"\n'Visakhapatnam Special Economic Zone Authority' Constituted by Central Government | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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