CBDT Notifies Income Tax Exemption To Uttar Pradesh Real Estate Regulatory Authority
Aryan Raj
11 March 2024 9:30 AM IST
The Ministry of Finance, acting through the Central Board of Direct Taxes (CBDT), has issued a notification under section 10(46) of the Income-tax Act, 1961, granting specific tax exemptions to UP RERA for specified incomes. Analysis of Notification The exemptions will apply to certain specified incomes earned by UP RERA, including grants-in-aid, loans/advances from the...
The Ministry of Finance, acting through the Central Board of Direct Taxes (CBDT), has issued a notification under section 10(46) of the Income-tax Act, 1961, granting specific tax exemptions to UP RERA for specified incomes.
Analysis of Notification
The exemptions will apply to certain specified incomes earned by UP RERA, including grants-in-aid, loans/advances from the government, fees/penalties received under the Real Estate (Regulation and Development) Act, 2016, fees under the Right to Information Act, 2005, and interest earned on bank deposits.
The notification imposes conditions for availing these exemptions, including refraining from engaging in commercial activities, maintaining the nature of specified incomes unchanged throughout financial years, and filing income tax returns as per prescribed provisions.
Additionally, the notification specifies that the exemptions will apply retrospectively for assessment years 2021-2022, 2022-2023, and 2023-2024, corresponding to financial years 2020-2021, 2021-2022, and 2022-2023, respectively.
In Conclusion, the notification issued by the Central Government designates the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) for specific tax exemptions on certain incomes. These exemptions will apply retrospectively for specified assessment years.
Notification no. S.O. 999(E)
Click Here to Read / Download the Notification
