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<h1>Tax exemption for notified urban planning authority u/s 10(46A)(b) from AY 2024-25, subject to conditions</h1> The Central Government, exercising powers under section 10(46A)(b) of the Income-tax Act, 1961, notifies a specified urban planning and development authority constituted under the Punjab Regional and Town Planning and Development Act, 1995, as eligible for tax exemption on specified income. The notification applies from assessment year 2024-25 onwards, conditional on the authority continuing to operate under the 1995 Punjab Act with one or more purposes listed in section 10(46A)(a) of the Income-tax Act. An explanatory memorandum states that the retrospective effect of this notification does not adversely affect any person.