The Central Board of Direct Taxes (CBDT) has granted it income tax exemption under Section 10(46) and 10(46A) of the Income-tax Act, 1961.
Key Details of the Exemption
This significant exemption was announced via Notification No. 16/2025 on February 12, 2025. Here’s what you need to know:
- Who is exempt? The Real Estate Regulatory Authority, Punjab (PAN: AAAJR1281N).
- When does it start? This exemption is effective from the Assessment Year 2024-25 onwards.
- What’s the condition? RERA Punjab must continue to operate as an authority constituted under The Real Estate (Regulation and Development) Act, 2016, and fulfill the specific purposes outlined in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act.
In simple terms, as long as RERA Punjab continues to perform its duties under the RERA Act of 2016, it won’t have to pay income tax on its earnings starting from the 2024-25 assessment year. This move by the CBDT aims to support the functioning of key statutory authorities.