The Central Government notified that a development authority constituted under the Uttar Pradesh Urban Planning and Development Act qualifies under section 10(46A) of the Income-tax Act, 1961, exempting specified income of the authority effective from assessment year 2024-25, subject to its continued status under that Act and carrying one or more purposes listed in sub-clause (a) of clause (46A). The notification is given retrospective effect and an explanatory memorandum states no person is adversely affected.
The Central Government notified that a development authority constituted under the Uttar Pradesh Urban Planning and Development Act qualifies under section 10(46A) of the Income-tax Act, 1961, exempting specified income of the authority effective from assessment year 2024-25, subject to its continued status under that Act and carrying one or more purposes listed in sub-clause (a) of clause (46A). The notification is given retrospective effect and an explanatory memorandum states no person is adversely affected.
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