Tax exemption for specified income: Kalyan Karnataka Region Development Board exempted for grants and bank interest, subject to conditions. The Central Government notifies a tax exemption under clause (46) of section 10 of the Income tax Act for Kalyan Karnataka Region Development Board in respect of grants from the State Government of Karnataka and interest on bank deposits, subject to conditions that the Board not engage in commercial activity, that activities and the nature of specified income remain unchanged across financial years, and that the Board file its return of income as required. The notification is made retrospective to the assessment years 2022 2023 and 2023 2024.