Government Grants Income Tax Exemption to Lucknow Development Authority Under Section 10(46A)(b)

The Central Board of Direct Taxes (CBDT) has recently issued a notification (Notification No. 142 /2025/F. No. 300195/16/2024-ITA-I, Dated 2nd September, 2025) announcing an income tax exemption granted by the central government to the “Lucknow Development Authority” under Section 10(46A)(b). It is an authority formed under the Uttar Pradesh Urban Planning and Development Act, 1973 (President Act 11 of 1973).

As per the notification, the tax exemption is granted on the condition that the authority must continue to operate under the Uttar Pradesh Urban Planning and Development Act, 1973 (President’s Act 11 of 1973), with one or more of the purposes specified in Section 10(46A)(a) of the Income-tax Act. The tax exemption is applicable for the assessment year 2024-25.