Central Government Grants Income Tax Exemption to Urban Improvement Trust Udaipur u/s 10(46) for Specific Income Sources.

The Central Government has notified the 'Urban Improvement Trust Udaipur', a trust constituted by the State Government of Rajasthan, under clause (46) of section 10 of the Income-tax Act, 1961. The specified income exempted from total income includes grants from the State Government, proceeds from land and property transactions, rental income, fees, and interest. The Trust must not engage in commercial activities, maintain the nature of income, and file returns as per section 139. This notification applies retrospectively for assessment years 2013-2014 to 2017-2018, following a High Court order, without adversely affecting any person.