CBDT notifies Income Tax Exemption to Uttar Pradesh Expressways Industrial Development Authority u/s 10(46) [Read Notification]

The Central Board of Direct Taxes (CBDT) vide notification no. S.O. 4118(E) issued on 19th September 2023 has notified the income tax exemption to Uttar Pradesh Expressways Industrial Development Authority under Section 10(46) of Income Tax Act, 1961.

The income tax exemption is available to the following income:

1. grants received from the state government;
2. moneys received from the disposal of land, building and other properties, movable and immovable;
3. moneys received by way of rent & fees or any other charges from the disposal of land, building and other properties, movable and immovable;
4. Income earned from Tender Fees, Document Fees, License Fees; and
5. Interest earned on funds deposited in the banks and on (a) to (d) above

This notification shall be effective subject to Uttar Pradesh Expressways Industrial Development 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.

This notification shall be deemed to have been applied for the assessment year 2023-2024 relevant for financial year 2022-2023.

To Read the full text of the Notification CLICK HERE

Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates