Exemption of Specified Income for Visakhapatnam Special Economic Zone Authority · Notification No. 32/2026 F.No. 300196/67/2024-ITA-I
CBDT notification Notification No. 32/2026 F.No. 300196/67/2024-ITA-I · 25 Mar 2026
Official title
notification no. 32/2026 f.no. 300196/67/2024 ita i / so 1579 e
Official record
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The Central Board of Direct Taxes notifies the Visakhapatnam Special Economic Zone Authority for income tax exemption under section 10(46) of the Income-tax Act, 1961. The exemption applies to specific income sources including lease rent, permit fees, allotment fees, auction proceeds, transfer charges, and interest on bank deposits. The authority must not engage in commercial activity. The nature of its activities and specified income must remain unchanged. The authority must file a return of income under section 139(4C)(g). Failure to comply with these conditions may result in the withdrawal of the exemption and penal actions. This notification applies to assessment years 2024-25 through 2028-29.
What you must do
- The authority must file a return of income under section 139(4C)(g) of the Income-tax Act, 1961.
Key dates
- Applicability period
- Not dated
Document text
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th March, 2026
S.O. 1579(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, ‘Visakhapatnam Special Economic Zone Authority’ (PAN:AAALV1367K) an authority constituted by the Central Government, in respect of the following specified income arising to that council, namely:-
(a) Lease rent (charged as per Government prescribed rate)
(b) Receipts from I-Card and Permit fee
(c) Allotment fee in respect of standard design factories
(d) Auction/Bid amount in case plots/building which fall vacant
(e) Transfer charges in respect of Plot/building
(f) Fees for issue of Form-I for exemption of building plans
(g) Processing fee for approval of building plans, conveying NOC’s etc.
(h) Site usage charges from service providers
(i) License fee for allotment of staff quarters to the staff
(j) Interest on bank deposits
- This notification shall be effective subject to the conditions that Visakhapatnam Special Economic Zone Authority -
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
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Failure to comply with these conditions may result in the initiation of penal actions under the provisions of the Income-tax Act, 1961 and withdrawal of the exemption granted u/s 10(46) of the Act.
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This notification shall be deemed to have been applied for assessment year 2024-25 & 2025-26 relevant for the financial year 2023-24 & 2024-25 and shall be applicable for assessment year 2026-27 to 2028-29 relevant for the financial year 2025-26 to 2027-28.
[Notification No. 32/2026/ F.No. 300196/67/2024-ITA-I] HARDEV SINGH, Under Secy.
Explanatory Memorandum It is certified that no person is being adversely affected by giving effect (from the year of filing application before CBDT/Income Tax Department) to this notification.
Source details
- Source
- Central Board of Direct Taxes / Income Tax Department
- Type
- notification
- Published by source
- 25 Mar 2026
- Document number
- Notification No. 32/2026 F.No. 300196/67/2024-ITA-I
- Issuing division
- Central Board of Direct Taxes
- Coverage area
- direct-tax