Central Board of Direct Taxes (CBDT) issued notification no. 9/2026 dated 19.01.2026 to provide exemption u/s 10(46A)(b) of the Income tax Act, 1961 (43 of 1961), ‘Barnala Improvement Trust’ (PAN: AABTB1345E) (hereinafter referred to as “the assessee”), an authority constituted under the Punjab Town Improvement Act, 1922 (Punjab Act No. 4 of 1922).
This notification shall be effective from the assessment year 2024-25, subject to the condition that the assessee continues to be a local authority constituted under the Punjab Town Improvement Act, 1922 (Punjab Act No. 4 of 1922) 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 (with effect from the year of application made before the Board/Department) to this notification.
Share this content: