Section 46 of The Airports Economic Regulatory Authority of India Act, 2008
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
- The Authority does not have to pay wealth tax or income tax.
- This exemption applies regardless of what the Wealth-tax Act of 1957 or the Income-tax Act of 1961 say.
- The exemption covers any tax on the Authority's wealth, income, profits, or gains.
- The rule overrides any other tax enactments currently in force regarding wealth or income.
Practical examples
FAQ
1. Does the Authority pay corporate income tax on the money it collects?
No, it is completely exempt from paying income tax on its income, profits, or gains.
2. Which specific tax laws are overridden by this section?
The Wealth-tax Act of 1957 and the Income-tax Act of 1961 are specifically mentioned, along with any other enactment relating to tax on wealth, income, profits, or gains.
3. Does this exemption apply to the personal income of the Authority's employees?
The section states "the Authority shall not be liable to pay", which exempts the corporate body itself, not the personal salaries of its staff.
Test yourself
Q1.Under Section 46 of The Airports Economic Regulatory Authority of India Act, 2008, what specific types of taxes is the Authority exempt from paying?
Q2.Under Section 46 of The Airports Economic Regulatory Authority of India Act, 2008, which two specific Acts are explicitly mentioned as being overridden by this exemption?
Q3.Under Section 46 of The Airports Economic Regulatory Authority of India Act, 2008, whose wealth, income, profits, or gains are shielded from taxation?
Q4.Under Section 46 of The Airports Economic Regulatory Authority of India Act, 2008, does this exemption apply if a brand new national tax law on corporate profits is passed later?