New Delhi, July 18 -- New Okhla Industrial Development Authority (NOIDA) will not be required to pay income tax, after a major exemption under Section 10 (46A) of the Income Tax Act, starting from assessment year 2024-25.

The Central Board of Direct Taxes (CBDT) issued a notification on July 17 granting NOIDA, an authority constituted under the Uttar Pradesh Industrial Area Development Act, 1976, an exemption for performing non-commercial roles.

According to the latest notification, income from public utility services like rent, fees, and government grants will no longer be taxed as per Section 10 (46A) of the Income Tax Act. However, any commercial or profit-driven activities conducted by NOIDA will still be fully taxable.

The notific...