The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has issued a Notification No. 137/2025 dated August 21, 2025 granting income tax exemption under Section 10(46A) of the Income-tax Act, 1961, to the Kanpur Development Authority (PAN: AAALK0324M).
The notification, published on August 21, 2025, recognizes the Authority as an eligible body under the Uttar Pradesh Urban Planning and Development Act, 1973. This move ensures that the Authority’s income, arising from its statutory functions, will not be subject to income tax.
The exemption will apply retrospectively from the assessment year 2024-25, provided the Authority continues to operate under the stated Act and fulfills its mandated functions as specified in the Income-tax Act.
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.
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.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
The Notification can be accessed at: https://a2ztaxcorp.net/wp-content/uploads/2025/08/137.pdfa
