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The Central Government notifies specified income of Bellary Urban Development Authority for tax exemption under clause (46) of section 10 of the Income-tax Act, 1961. The exemption applies to revenue from layout development, betterment charges, supervision charges, lease of civic amenities sites, and bank deposit interest. The authority must not engage in commercial activity. The authority must keep activities and the nature of the specified income unchanged. The authority must file a return of income under section 139. The notification applies retrospectively to assessment years 2021-2022, 2022-2023, and 2023-2024.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2nd January, 2024
S.O. 40(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Bellary Urban Development Authority’ (PAN AAALB0037A), an Authority constituted by the State Government of Karnataka, in respect of the following specified income arising to that Authority, namely:
[Notification No. 1/2024 F. No. 300196/26/2021-ITA-I] VIKAS SINGH, Director (ITA-I)
Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.
