Income Tax Exemption for Visakhapatnam Special Economic Zone Authority
- Document
- Notification Notification No. 32/2026
- Effective
- Assessment years 2024-25 & 2025-26 (relevant for FY 2023-24 & 2024-25) and assessment years 2026-27 to 2028-29 (relevant
This page was written by Patron Accounting’s AI from the official release and reviewed before publishing. It explains the document in plain language. It is not the document itself. Where this page and the original differ, the original governs.
In short
Notification 32/2026 explains that specific income earned by the Visakhapatnam Special Economic Zone Authority is now exempt from income tax. This document exists to clarify which earnings are tax-free for the Authority for the assessment years 2024-25 through 2028-29.
What has changed
How it worked before
Previously, there was no specific notification under section 10(46) of the Income-tax Act, 1961, which covers tax-exempt income for specific government bodies. This meant the Authority did not have this formal tax-free status for these specific income streams.
What has changed
The government has now officially exempted certain income streams, such as lease rent, fees, and interest, from income tax. This change applies to the assessment years 2024-25 through 2028-29, provided the Authority avoids commercial activities.
Who this affects
This notification applies exclusively to the Visakhapatnam Special Economic Zone Authority. It does not affect individual business owners, salaried employees, or other private companies operating within the zone.
What you should do
The Authority must ensure it does not engage in any commercial activity to maintain this tax exemption. Additionally, it must continue to file its income tax returns as required under section 139(4C)(g), which outlines filing rules for certain tax-exempt entities.
The original document
| Issued by | IT |
|---|---|
| Document | Notification Notification No. 32/2026 |
| Full title | Notification No. 32/2026 |
| Effective | Assessment years 2024-25 & 2025-26 (relevant for FY 2023-24 & 2024-25) and assessment years 2026-27 to 2028-29 (relevant |
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