Income Tax Exemption Given to Greater Mohali Area Development Authority [Read Notification]:

Income Tax Exemption Given to Greater Mohali Area Development Authority [Read Notification] On April 7, 2025, the Ministry of Finance (Department of Revenue) issued a notification stating that the Greater Mohali Area Development Authority (GMADA), established under the Punjab Regional and Town Planning and Development Act, 1995, is officially recognized for tax exemption under sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961. This means the income of GMADA will be exempt from income tax starting from the assessment year 2024–25 as long as it continues to function under the same law and carries out one or more public welfare purposes mentioned in the said clause, like urban development, planning, or infrastructure-related activities. The income tax exemption granted to the Greater Mohali Area Development Authority (GMADA) is made applicable beginning from the assessment year 2024-25 (i.e., for income earned in the financial year 2023–24). However, this exemption will only remain valid as long as GMADA continues to operate as an official authority under the Punjab Regional and Town Planning and Development Act, 1995, and is engaged in one or more public welfare functions as described in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act. These functions typically include activities like town planning, regional development, infrastructure building, and other related government-assigned development tasks. Read the official notification for more and complete information