CBDT Notifies Income Tax Exemptions for Various Public Authorities u/s 10(46) of the IT Act

The Central Board of Direct Taxes (CBDT) has notified income tax exemptions for various public authorities under Section 10 (46) of the Income-tax Act, 1961. These exemptions apply to organizations like the West Bengal State Electricity Transmission Company Limited’s Unscheduled Interchange Fund, Gujarat Water Supply and Sewerage Board, and District Legal Service Authorities in Haryana. The exemptions cover residual income, government grants, water tariffs, and interest income. These measures aim to support public utility organizations by reducing their tax burden, allowing them to focus on providing essential services.