Ministry of Finance, through the Central Board of Direct Taxes, issued Notification No. 156/2025 on November 4, 2025, granting an income tax exemption to the Karnataka Housing Board (PAN: AAAJK0398K). This notification utilizes the powers provided under sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961. By being specifically notified by the Central Government for this clause, the Karnataka Housing Board, which is constituted under the Karnataka Housing Board Act, 1962, is now eligible for the specified income tax exemption. The exemption takes effect starting from the Assessment Year 2024-25. A key requirement for the continued exemption is that the Karnataka Housing Board must maintain its status as a board constituted under the 1962 Act and continue to serve one or more of the purposes defined in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act. The accompanying explanatory memorandum clarifies that no person is adversely affected by the retrospective application of this notification.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi
Notification No. 156/2025-Income Tax | Dated : 4th November, 2025
S.O. 5006(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 ‘Karnataka Housing Board’ (PAN: AAAJK0398K) (hereinafter referred to as “the assessee”), a board constituted under the Karnataka Housing Board Act, 1962 (Act No. 10 of 1963), for the purposes of the said clause.
2. This notification shall be effective from the assessment year 2024-25, subject to the condition that the assessee continues to be a board constituted under the Karnataka Housing Board Act, 1962 (Act No. 10 of 1963) 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. 156/2025/F. No. 300195/11/2024-ITA-I]
MEENAKSHI SINGH, Dy. Secry.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
