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The Central Government has notified that a municipal water supply and sewerage board constituted under the relevant state Act is treated as a "Board" for purposes of clause (46A)(b) of section 10 of the Income-tax Act, making specified income exempt from tax effective from assessment year 2024-2025, conditional on the entity continuing to be constituted under that state Act and retaining one or more purposes listed in clause (46A)(a). The notification is certified to have no adverse effect on any person despite its retrospective operation.
The Central Government has notified that a municipal water supply and sewerage board constituted under the relevant state Act is treated as a "Board" for purposes of clause (46A)(b) of section 10 of the Income-tax Act, making specified income exempt from tax effective from assessment year 2024-2025, conditional on the entity continuing to be constituted under that state Act and retaining one or more purposes listed in clause (46A)(a). The notification is certified to have no adverse effect on any person despite its retrospective operation.
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