Section 49 of The Warehousing (Development and Regulation) Act, 2007
Exemption from tax on wealth and income.
Notwithstanding anything contained in the Wealth-tax Act, 1957 (27 of 1957), the Income-tax Act, 1961 (43 of 1961) or any other enactment for the time being in force relating to tax on wealth, income, profits or gains, the Authority shall not be liable to pay wealth-tax, income-tax or any other tax in respect of their wealth, income, profits or gains derived.
Summary
- It exempts the Warehousing Development and Regulatory Authority from paying wealth tax.
- It exempts the Authority from paying income tax on its income, profits, or gains.
- It overrides other existing tax laws like the Wealth-tax Act, 1957 and the Income-tax Act, 1961 to provide this tax-free status.
- It ensures that any wealth or profits the Authority gathers remains exempt from any current wealth or income taxation.
Practical examples
FAQ
1. Does the Warehousing Development and Regulatory Authority have to pay wealth tax under Section 49 of the 2007 Warehousing Act?
No, the Warehousing Development and Regulatory Authority is completely exempt from paying wealth tax on any of its wealth under Section 49 of the 2007 Warehousing Act.
2. Is the Authority liable for income tax under Section 49 of the Warehousing (Development and Regulation) Act, 2007?
No, under Section 49 of the Warehousing (Development and Regulation) Act, 2007, the Authority is not liable to pay income tax on any income, profits, or gains it derives.
3. How does Section 49 of the Warehousing Act of 2007 handle conflicting rules in the Wealth-tax Act of 1957 or the Income-tax Act of 1961?
Section 49 of the Warehousing Act of 2007 overrides both the Wealth-tax Act of 1957 and the Income-tax Act of 1961, as well as any other laws concerning taxes on wealth or income, to ensure the Authority remains tax-exempt.
Test yourself
1.Under Section 49 of The Warehousing (Development and Regulation) Act, 2007, from which of the following taxes is the Authority specifically exempt?
2.Under Section 49 of the Warehousing Act of 2007, which specific past tax laws are mentioned and overridden to grant tax exemption?
3.Under Section 49 of the 2007 Warehousing Act, who is exempted from paying tax on wealth, income, profits, or gains?
4.Under Section 49 of The Warehousing (Development and Regulation) Act, 2007, the tax exemption applies to wealth, income, profits, or gains that are: