Notified Corporation status granted to Hyderabad Urban Development Authority with conditions on deductible expenditure and accounting. Hyderabad Urban Development Authority is notified as a Notified Corporation for the purposes of clause (xii) of subsection (1) of section 36 of the Income tax Act, 1961, subject to conditions: expenditure must be for objects authorized by the Andhra Pradesh Urban Areas (Development) Act, 1975; not be capital expenditure; not be deductible under any other provision of the Income tax Act; and a separate account of such expenditure must be maintained. The notification is effective from 1 April 2008 for assessment year 2008-09 onward.
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Notified Corporation status granted to Hyderabad Urban Development Authority with conditions on deductible expenditure and accounting.
Hyderabad Urban Development Authority is notified as a Notified Corporation for the purposes of clause (xii) of subsection (1) of section 36 of the Income tax Act, 1961, subject to conditions: expenditure must be for objects authorized by the Andhra Pradesh Urban Areas (Development) Act, 1975; not be capital expenditure; not be deductible under any other provision of the Income tax Act; and a separate account of such expenditure must be maintained. The notification is effective from 1 April 2008 for assessment year 2008-09 onward.
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