The Ministry of Finance, via Notification No. 137/2025 issued on August 21, 2025, has granted an income tax exemption to the Kanpur Development Authority (KDA) under Section 10(46A) of the Income-tax Act, 1961. This exemption is effective from the Assessment Year 2024-2025. The notification specifies that the KDA, with PAN AAALK0324M, is a recognized authority under the Uttar Pradesh Urban Planning and Development Act, 1973, which qualifies it for this exemption. This tax benefit is contingent on the KDA continuing to operate as an authority with purposes specified in the Income-tax Act. An explanatory memorandum attached to the notification confirms that no party is adversely affected by this retrospective exemption.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 137/2025-Income Tax | Dated: 21st August, 2025
S.O. 3838(E).— In exercise of the powers conferred by sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as “the Income-tax Act”), the Central Government hereby notifies the Kanpur Development Authority (PAN: AAALK0324M) (hereinafter referred to as “the assessee”), an authority constituted under the Uttar Pradesh Urban Planning and Development Act, 1973 (President Act 11 of 1973), for the purposes of the said clause.
2. This notification shall be effective from the assessment year 2024-2025, subject to the condition that the assessee continues to be an authority constituted under the Uttar Pradesh Urban Planning Development Act, 1973 (President’s Act 11 of 1973) with one or more of the purposes specified in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act.
[Notification No. 137/2025/F. No. 300195/25/2024-ITA-I]
MEENAKSHI SINGH, Dy. Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
