Government Grants Tax Exemption to Kanpur Development Authority Income Tax Act
The Central Government of India has recently granted the tax exemption to the Kanpur Development Authority under Section 10(46A)(b) of the Income Tax Act, 1961. The authority is formed under the Uttar Pradesh Urban Planning and Development Act, 1973. This has been notified in a notification issued by the Central Board of Direct Taxes (CBDT) (Notification No. 137/2025/F. No. 300195/25/2024-ITA-I Dated 21st August 2025).
Now, the Income earned by the Kanpur Development Authority will not be taxed on the condition that the authority will continue to operate under the Uttar Pradesh Urban Planning Development Act, 1973, with one or more purposes as mentioned in Section (10)(46A)(a) of the Income Tax Notice. The tax exemption will apply starting from the assessment year 2024-2025.
