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Exemption in respect of Income of the Urban Development Agencies

News and Press Release - Dated:- 30-4-2016 - 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 having 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, .....

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