Income Tax Exemption for Regional Development Authority Under Section 10(46A)(b) Applies from AY 2024-25

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Full Text of the Document

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....The Central Government, under section 10(46A)(b) of the Income-tax Act, 1961, has exempted a regional development authority constituted under the Punjab Regional and Town Planning and Development Act, 1995, from specified income tax liabilities. This exemption applies from the assessment year 2024-2025, provided the authority continues to fulfill the purposes outlined in the relevant clause of the Income-tax Act. The notification confirms that no individual is adversely affected by its retrospective application.....