The Central Board of Direct Taxes has granted the income tax exemption to ‘Uttar Pradesh Expressways Industrial Development Authority’ under section 10(46) of the Income Tax Act.

The Uttar Pradesh Expressways Industrial Development Authority is an Authority constituted by the State government of Uttar Pradesh. The income tax exemption shall be applicable on the income arising out of grants received from the state government; money received from the disposal of land, building and other properties, movable and immovable; amounts of money received by way of rent & fees or any other charges from the disposal of land, building and other properties, movable and immovable; income earned from Tender Fees, Document Fees, Licence Fees; and Interest earned on funds deposited in the banks.

However, the income tax exemption subject to Uttar Pradesh Expressways Industrial Development Authority shall be subject to various conditions.

Firstly, the Uttar Pradesh Expressways Industrial Development Authority shall not engage in any commercial activity.

Secondly, the activities and the nature of the specified income shall remain unchanged throughout the financial years.

Thirdly, the assessee shall file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

Notification No. 78/2023

Date: 19.09.2023

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