Government Exempts Greater Mohali Area Development Authority from Income Tax Under Section 10(46A) for Urban Development

The Central Government notifies the Greater Mohali Area Development Authority as exempt from income tax under section 10(46A) of the Income-tax Act, 1961. The exemption is effective from AY 2024-25, contingent upon the authority's continued status under the Punjab Regional and Town Planning and Development Act, 1995, and maintaining its specified developmental purposes. The notification provides tax relief for the designated authority, recognizing its role in regional planning and urban development, subject to ongoing compliance with statutory requirements. .....

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