Just a moment...

Report
FeedbackReport
Bars
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home / RSS

Exemption in respect of Income of the Urban Development Agencies

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....xemption in respect of Income of the Urban Development Agencies <br>News and Press Release<br>Dated:- 30-4-2016<br><BR>As per the existing provisions under the Income-tax Act, 1961 ('Act'), Urban Development Authority (UDAs) can claim tax exemption under the relevant provisions of the Act provided prescribed conditions are fulfilled. Exemption u/s 11 of the Act can be availed by entities having "c....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....haritable purpose" which are engaged in advancement of certain objects of general public utility [sec.2 (15)] and are registered u/s 12A, provided these should not, inter alia, be involved in carrying on any activity in the nature of trade, commerce or business etc. for a cess, fee or any other consideration if such aggregate consideration exceeds rupees twenty- five lakh. If any UDA falls in this....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... category and fulfills all other prescribed conditions, tax exemption can be claimed. Tax exemption can also be claimed u/s 10(46) of the Act by UDAs constituted by the Central/State Governments provided these are not engaged in any commercial activities and other prescribed conditions are satisfied. Representation seeking suitable modification in the present tax laws for exemption in respect of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....income of the Urban Development Agencies (UDAs) was received from Government of Gujarat. The issue of exemption to UDAs was examined during budgetary exercise, 2016 and was not found feasible in view of the stated policy of the Government to do away with the exemptions and deductions in a moderate tax regime. This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in wr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....itten reply to a question in Lok Sabha.<BR> News - Press release - PIB....