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of <h1>Kalyan Karnataka Region Development Board Gains Income Tax Exemption u/s 10(46) for Specified Income.</h1> The Central Government, under section 10(46) of the Income-tax Act, 1961, has granted the 'Kalyan Karnataka Region Development Board' an exemption from specified income tax. This exemption applies to grants received from the Karnataka State Government and interest on bank deposits. The Board must not engage in commercial activities, maintain the nature of its specified income, and file income returns as per section 139(4C)(g) of the Act. This notification is effective for assessment years 2022-2023 and 2023-2024, covering financial years 2021-2022 and 2022-2023, with no adverse effects on any individual.
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