UP housing board exempted from income tax | Lucknow News
Lucknow: The Uttar Pradesh Housing and Development Board was declared a non-profit making govt body after the Central Board of Direct Taxes exempted it from paying income tax. A spokesperson from the Uttar Pradesh Avas evam Vikas Parishad on Tuesday said: “The board is exempted from paying income tax on its collection and revenue generated through the profits earned over business operations.” The exemption would be effective from April 1, 2023, and the housing body would claim the money that has been paid as taxes in the past. As the agency was treated as a commercial body, it had to spend a considerable amount of its earnings. Because the money generated through profits was used for charitable purposes, the board faced difficulty in providing upfront payments while acquiring land for big-ticket schemes.
