Bellary Urban Development Authority Exempted from Income Tax u/s 10(46): Notifies CBDT [Read Order]

CBDT granted income tax exemption to the Bellary Urban Development Authority under section 10(46) of income tax act, 1961
By Navasree A.M - On January 3, 2024 4:40 pm - 2 mins read
Bellary Urban Development Authority - Income Tax - TAXSCAN

In accordance with notification number S.O. 40(E) dated January 2, 2024, the Central Board of Direct Taxes (CBDT) has granted an Income Tax exemption to the Bellary Urban Development Authority under Section 10(46) of the Income Tax Act, 1961.

The specified income exempted from income tax are:

  1. Revenue from own layout development;
  2. Collections on account of private layout betterment charges;
  3. Civil supervision charges;
  4. Lease from civic amenities sites; and
  5. Interest earned on bank deposits.

However, this notification shall be effective subject to the conditions that Bellary Urban Development Authority:

  1. shall not engage in any commercial activity;
  2. activities and the nature of the specified income shall remain unchanged throughout the financial years; and
  3. 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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