07 August 2024

The Central Government has granted tax exemption to the Kalyan Karnataka Region Development Board (PAN AAAGH0732F) under clause (46) of section 10 of the Income-tax Act, 1961. This exemption applies to grants received from the State Government of Karnataka and interest earned on bank deposits. To qualify, the Board must not engage in commercial activities, maintain the consistency of its activities and income, and comply with income tax return filing requirements as specified under clause (g) of sub-section (4C) of section 139. The notification is effective for the assessment years 2022-2023 and 2023-2024, corresponding to the financial years 2021-2022 and 2022-2023.