Mathura Vrindavan Development Authority shall enjoy income tax exemption provided to non-profit entities

The central government has extended the exemption to income tax under section 10 of the Income-tax Act, 1961 to Mathura Vrindavan Development Authority, subject to the fulfilment of the following conditions, namely:

1. Shall not engage in any commercial activity;
2. Activities and the nature of the specified income shall remain unchanged throughout the financial year; and
3. Shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

This notification shall be effective from the assessment year 2024-25, subject to the condition that the assessee continues to be an authority constituted under the Uttar Pradesh Urban Planning Development Act, 1973.