Central Board of Direct Taxes (CBDT) issued notification no. 156/2025 dated 04.11.2025 to provide exemption u/s 10(46A)(b) of the Income tax Act, 1961, to ‘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).
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.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
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