Non-Company Public Entities Must Follow New Standardized Process for Tax Exemption Under Section 10(46A)

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....CBDT has standardized the application process for income tax exemption under section 10(46A) of Income Tax Act, 1961. Non-company entities established under Central/State Acts for housing, urban development, or public benefit regulation must file applications with jurisdictional Pr. CIT/CIT/Pr. DIT/DIT. Applications require submission in prescribed format (Annexure A) to Under Secretary (ITA-I), CBDT with acknowledgment from jurisdictional authority. The checklist mandates comprehensive details including legal status, statutory basis, nature of activities, existing tax approvals/registrations, and three years' financial records. This streamlines exemption requests for qualifying bodies while ensuring proper documentation and jurisdictional oversight.....