**Executive Summary**
This notification (S.O. 1653(E)), issued by the Ministry of Finance on March 30, 2026, officially designates the ‘Karnataka Industrial Areas Development Board’ under Section 10(46A) of the Income-tax Act, 1961. The notification is effective starting from the assessment year 2024-25. It carries retrospective effect from the year of the board's application to the tax authorities, ensuring no adverse impact on any person.
**Key Points / Main Content**
**Official Designation**
* The Central Government notifies the ‘Karnataka Industrial Areas Development Board’ (PAN: AAATK1305J) as a specified board for the purposes of Section 10(46A)(b) of the Income-tax Act, 1961.
* The board is recognized as a body constituted under the Karnataka Industrial Areas Development Act, 1966 (Karnataka Act No. 18 of 1966).
**Timeline and Applicability**
* The notification is effective from the assessment year 2024-25.
* Retrospective application is granted from the year the board submitted its application to the CBDT/Income-tax Department.
* The Explanatory Memorandum certifies that this retrospective implementation does not adversely affect any person.
**Compliance Conditions**
* The status is contingent upon the board remaining a body constituted under the Karnataka Industrial Areas Development Act, 1966.
* The assessee must continue to fulfill one or more of the specific purposes outlined in sub-clause (a) of clause (46A) of Section 10 of the Income-tax Act.
**Impact Analysis**
**Stakeholder: Karnataka Industrial Areas Development Board (KIADB)**
**Impact**
The board gains official recognition under the Income-tax Act for the purposes of Section 10(46A), which applies retrospectively from the year of its application and covers assessment year 2024-25 onwards.
**Action Required**
The board must maintain its constitutional status under the Karnataka Industrial Areas Development Act, 1966, and ensure its operations continue to align with the purposes specified in Section 10(46A)(a) of the Income-tax Act.
**Stakeholder: Central Board of Direct Taxes (CBDT) / Income-tax Department**
**Impact**
Tax authorities are required to recognize the KIADB as a notified entity under the specified section for the purpose of tax assessments and exemptions.
**Action Required**
The department must apply the provisions of this notification to the board's tax filings and assessments beginning from the assessment year 2024-25.
Key Entities Referenced
Karnataka Industrial Areas Development Board: The specific entity notified by the Central Government as the 'assessee' for tax-related purposes under the Income-tax Act.
Income-tax Act, 1961: The primary federal legislation providing the legal framework for the notification and tax exemptions under Section 10(46A).
Central Board of Direct Taxes (CBDT): The national regulatory body under the Ministry of Finance responsible for administering direct tax laws and issuing this notification.
Karnataka Industrial Areas Development Act, 1966: The state law under which the Karnataka Industrial Areas Development Board was established.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-30032026-271421
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 1588] नई दिल्ली सोमिार, माच ड30, 2026/चत्रै 9, 1948 13, 1947 26/पौर् 17, 1947
No. 1588] NEW DELHI, MONDAY, MARCH 30, 2026/CHAITRA 9, 1948 ss, 1947 /PAUSHA 17, 1947
जित्त मत्रं ालय
(रािस्ट्ि जिभाग)
(केन्द्रीय प्रत्यक्ष कर बोडड)
अजधसचू ना
नई दिल्ली, 30 माच,ड 2026
का.आ. 1653(अ).—-केंर सरकार, आयकर अजधजनयम, 1961 (1961 का 43) (एतजममन ् पश्चात जिसे “आयकर
अजधजनयम” स े संिर्भडत दकया गया ह)ै की धारा 10 के खंड (46क) के उपखडं (ख) द्वारा प्रित्त िजियों का प्रयोग करत े हुए,
एतद्द्वारा, उि खंड के प्रयोिनों के जलए ‘कनाडटक औद्योजगक क्षत्रे जिकास बोडड’ (पैन: AAATK1305J), (एतजममन् पश्चात
जिसे “जनधाडररती” से संिर्भडत दकया गया ह)ै , कनाडटक औद्योजगक क्षेत्र जिकास अजधजनयम, 1966 (कनाडटक अजधजनयम
संख्या 1966 का 18) के अंतगतड गरित एक बोडड, को अजधसूजचत करती ह।ै
2. यह अजधसूचना जनधाडरण िर्ड 2024-25 से प्रभािी होगी, बिते दक जनधाडररती आयकर अजधजनयम की धारा 10 के खडं
(46क) के उपखंड (क) म ें जिजनर्िडष्ट एक या एक से अजधक उद्देमय स े कनाडटक औद्योजगक क्षेत्र जिकास अजधजनयम, 1966
(कनाडटक अजधजनयम संख्या 1966 का 18) के तहत स्ट्थाजपत बोडड बना रह।े
[अजधसूचना स.ं 41/2026 फा. स.ं 300195/54/2024-आईटीए-I]
हरिेि ससंह, अिर सजचि
2308 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
व्याख्यात्मक ज्ञापन
प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को पूिडव्यापी प्रभाि स े (बोडड/ आयकर जिभाग के समक्ष आिेिन दकए िाने के
िर्ड स)े लाग ू करन े स े दकसी भी व्यजि पर प्रजतकूल प्रभाि नहीं पड़ रहा ह।ै
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 30th March, 2026
S.O. 1653(E).—In exercise of the powers conferred by sub-clause (b) of clause (46A) of section 10 of the
Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as “the Income-tax Act”), the Central Government hereby
notifies the ‘Karnataka Industrial Areas Development Board’ (PAN: AAATK1305J) (hereinafter referred to as “the
assessee”), a board constituted under the Karnataka Industrial Areas Development Act, 1966 (Karnataka Act No. 18 of
1966), for the purposes of the said clause.
2. This notification shall be effective from the assessment year 2024-25, subject to the condition that the assessee
continues to be a board constituted under the Karnataka Industrial Areas Development Act, 1966 (Karnataka Act No. 18
of 1966), with one or more of the purposes specified in sub-clause (a) of clause (46A) of section 10 of the Income-tax
Act.
[Notification No. 41/2026/F. No. 300195/54/2024-ITA-I]
HARDEV SINGH, Under Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect (from the year of its application
made before the CBDT/ Income-tax Department) to this notification
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.