CBDT notifies Income Tax Exemption to Uttar Pradesh Real Estate Regulatory Authority u/s 10(46)
CBDT exempted Uttar Pradesh Real Estate Regulatory Authority from Income Tax u/s 10(46) of Income Tax Act
The Central Board of Direct Taxes ( CBDT ), vide notification no. S.O. 999(E) dated 1st March, 2024 has notified the income tax exemption to the “‘Uttar Pradesh Real Estate Regulatory Authority”, under section 10(46) of the Income-tax Act, 1961. The following income are exempted from the income tax: Amount received as Grant-in-aid or loan/advance from...
The Central Board of Direct Taxes ( CBDT ), vide notification no. S.O. 999(E) dated 1st March, 2024 has notified the income tax exemption to the “‘Uttar Pradesh Real Estate Regulatory Authority”, under section 10(46) of the Income-tax Act, 1961.
The following income are exempted from the income tax:
- Amount received as Grant-in-aid or loan/advance from Government;
- Fee/penalty received from builders/developers, agents or any other stakeholders as per the provisions of the Real Estate ( Regulation and Development ) Act, 2016;
- Fee received under Right to Information Act, 2005; and
- Interest earned on bank deposits
However, this notification shall be effective subject to the conditions that Uttar Pradesh Real Estate Regulatory Authority –
- shall not engage in any commercial activity;
- activities and the nature of the specified income shall remain unchanged throughout the financial years; and
- 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 years 2021-2022, 2022-2023 and 2023-2024 relevant for financial years 2020-2021, 2021-2022 and 2022-2023, respectively.
To Read the full text of the Order CLICK HERE
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