Exemption in respect of Income of the Urban Development Agencies

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..... Exemption in respect of Income of the Urban Development Agencies - News and Press Release Dated:- 30-4-2016 - News - As per the existing provisions under the Income-tax Act, 1961 ( Act ) , Urban Development Authority (UDAs) can claim tax exemption under the relevant provisions of the Act provided prescribed conditions are fulfilled. Exemption u/s 11 of the Act can be availed by entities hav .....

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..... ing charitable purpose which are engaged in advancement of certain objects of general public utility [sec.2 (15)] and are registered u/s 12A , provided these should not, inter alia, be involved in carrying on any activity in the nature of trade, commerce or business etc. for a cess, fee or any other consideration if such aggregate consideration exceeds rupees twenty- five lakh. If any UDA falls .....

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..... in this category and fulfills all other prescribed conditions, tax exemption can be claimed. Tax exemption can also be claimed u/s 10(46) of the Act by UDAs constituted by the Central/State Governments provided these are not engaged in any commercial activities and other prescribed conditions are satisfied. Representation seeking suitable modification in the present tax laws for exemption .....

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..... in respect of income of the Urban Development Agencies (UDAs) was received from Government of Gujarat. The issue of exemption to UDAs was examined during budgetary exercise, 2016 and was not found feasible in view of the stated policy of the Government to do away with the exemptions and deductions in a moderate tax regime. This was stated by Shri Jayant Sinha, Minister of State in the Ministry .....

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..... of Finance in written reply to a question in Lok Sabha. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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