Income Tax Exemption Notification to Greater Ludhiana Area Development Authority [Read Notification]

Income Tax Exemption Notification to Greater Ludhiana Area Development Authority [Read Notification]

The Central Board of Direct Taxes has recently issued a notice of section 10 (46A) (b) of the Income Tax Act, 1961 to the Greater Ludhiana Area Development Authority under the Punjab Regional and Town Planning and Development Act, 1995 for the objective of the said clause.

There is one condition that the authority must continues to operate under the Punjab Regional and Town Planning and Development Act, 1995 with one or more of the objective specified in sub clause (a) of clause (46A) of section 10 of the Income-tax Act, 1961.