The recent Notification No. 47/2024-Income Tax issued by the Ministry of Finance grants significant tax exemption to the Mathura Vrindavan Development Authority under section 10(46A) of the Income Tax Act, 1961. The notification, effective from the assessment year 2024-25, exempts the Mathura Vrindavan Development Authority from certain tax liabilities. This exemption is subject to the condition that the authority continues to operate under the Uttar Pradesh Urban Planning Development Act, 1973, and pursues objectives outlined in section 10(46A)(a) of the Income Tax Act.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi, the 29th May, 2024
Notification No. 47/2024-Income Tax | Dated : 29th May 2024
S.O. 2121(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 Mathura Vrindavan Development Authority (hereinafter referred to as “the assessee”), an authority constituted under the Uttar Pradesh Urban Planning Development Act, 1973 (President’s Act 11 of 1973), 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 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.
[F. No. 370133/12/2023-TPL]
SOURABH JAIN, Under Secy. (TPL)
