CBDT Grants Tax Exemption to Varanasi Development Authority Under Section 10 of Income-tax Act:

CBDT Grants Tax Exemption to Varanasi Development Authority Under Section 10 of Income-tax Act The Central Board of Direct Taxes (CBDT) under the Ministry of Finance and Department of Revenue shared a notification (No. 31/2026) regarding tax exemption. The Central Board of Direct Taxes, using its power given by section 10 sub-clause (b) and clause (46A) of the Income-tax Act, 1961 (43), notifies the Varanasi Development Authority for tax exemption. It is established under the Uttar Pradesh Urban Planning and Development Act, 1973, for the said clause.

Also Read

CBDT Grants Income Tax Exemption to District Legal Service Authority, Faridabad

However, it will only be made available if the assessee continues to be an authority constituted under the Uttar Pradesh Urban Planning and Development Act, 1973, with one or more of the purposes mentioned in section 10 of the Income-tax Act. Note: This notification will be effective from the assessment year 2025-26.