Central Board of Direct Taxes (CBDT) issued notification no. 31/2026 dated 25.03.2026 providing exemption u/s 10(46A)(b) of the Income-tax Act, 1961 (43 of 1961) to “Varanasi Development Authority” (PAN:AAATV6811A), an authority constituted under the Uttar Pradesh Urban Planning and Development Act, 1973 (President’s Act No.11 of 1973) for the purposes of the said clause.
This notification shall be effective from the assessment year 2025-26, subject to the condition that the assessee continues to be an authority constituted under the Uttar Pradesh Urban Planning and Development Act, 1973 (President’s Act No.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.
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