Income Tax Exemption for Karnataka Industrial Areas Development Board
- Document
- Notification Notification No. 41/2026
- Effective
- Assessment year 2024-25
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 No. 41/2026 confirms that the Karnataka Industrial Areas Development Board is exempt from paying income tax. This document officially lists the board as a body that does not need to pay tax on its earnings.
What has changed
How it worked before
Previously, there was no specific notification under section 10(46A)(b) of the Income-tax Act, which covers tax-free income for specific government bodies, for this organization. This meant the board did not have this specific legal protection from income tax liability.
What has changed
The government has now officially notified the Karnataka Industrial Areas Development Board as an entity exempt from income tax. This change applies starting from the assessment year 2024-25, which is the period used to calculate tax on your previous year's income.
Who this affects
This change specifically affects the Karnataka Industrial Areas Development Board. It does not apply to private businesses, individual taxpayers, or other government departments.
What you should do
No action is required from you as a business owner or individual taxpayer. This notification is an administrative update for the board itself and does not change your personal or business tax filings.
The original document
| Issued by | IT |
|---|---|
| Document | Notification Notification No. 41/2026 |
| Full title | Notification No. 41/2026 |
| Effective | Assessment year 2024-25 |
About Patron Accounting LLP
Patron Accounting LLP is a CA and CS-led accounting and compliance firm that has been working with businesses across India since 2019. We handle the work that keeps a company correct with every department it answers to: day-to-day bookkeeping and accounting, GST registration and returns, income tax filing and assessments, TDS, payroll and PF/ESI, company and LLP incorporation, ROC and MCA compliance, statutory and internal audit, physical stock and inventory audits, trademark and other registrations, and the certificates and reports that banks, buyers and regulators ask for.
Our clients range from a first proprietorship registering for GST to established companies running operations across several states. Much of our work is exactly this: reading what a department has published and telling a business, in plain terms, whether it changes anything for them.
We operate from five offices and serve clients across the rest of India remotely:
- Pune (HQ): RTC Silver, B4-708, Sai Satyam Park, Wagholi, Pune, Maharashtra 412207
- Mumbai: 104, Rajshila Building, 597 J.S.S. Road, Marine Lines, Mumbai 400002
- Delhi: 3rd Floor, B-6/154-155, Sector 5, Rohini, Delhi 110085
- Gurugram: Pioneer Urban Square, B109, Golf Course Ext Road, Sector 62, Gurugram 122098
- Ahmedabad: Phoenix Tower, 1107, near Commerce Six Road, Drive In Road, Navrangpura, Ahmedabad, Gujarat 380009
If anything on this page affects you and you would like somebody to look at your own position, we are glad to help. Call +91 94594 56700, write to sales@patronaccounting.com, or visit patronaccounting.com. The first conversation costs nothing.