07 August 2024

The Central Government has notified the Kalyan Karnataka Region Development Board (PAN AAAGH0732F) under section 10(46) of the Income-tax Act, 1961, for exemption on specific income, including grants from the Karnataka State Government and interest on bank deposits. This exemption is conditional upon the Board not engaging in commercial activities, maintaining the nature of activities and income, and filing returns as required. The notification is applicable for the assessment years 2022-2023 and 2023-2024.