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CBDT Grants NOIDA Indefinite Income-Tax Exemption Under Section 10(46A)

The relief will free up funds for civic works subject to NOIDA’s compliance with its statutory mandate under the Uttar Pradesh Industrial Area Development Act.

The CBDT has announced that NOIDA won’t have to pay income tax from the 2024–25 assessment year under Section 10(46A). (Photo: India Today)

Overview

  • A CBDT notification dated July 20 grants NOIDA an income-tax exemption under Section 10(46A) of the Income-tax Act from the 2024–25 assessment year.
  • The exemption applies solely to NOIDA’s income-tax liabilities and excludes all other statutory levies.
  • It will continue indefinitely as long as NOIDA remains constituted under the Uttar Pradesh Industrial Area Development Act, 1976 and carries out its specified public-development functions.
  • The NOIDA authority has also introduced three- to five-year waivers on residential property tax, commercial holding tax and utility fees in designated sectors to spur occupancy and investment.
  • Private businesses do not receive direct tax relief but may see indirect gains through improved roads, faster project approvals and expanded civic infrastructure.