Pune: As Much As Rs 1,100 Crore Saved By PMRDA Due to Income Tax Exemption
Pune, 25th May 2023: The sources of income of the Pune Metropolitan Region Development Authority (PMRDA) are limited. Even so, PMRDA has to pay income tax on this limited income. However, now an exemption from income tax has been given to PMRDA. Also, Rs 1,000-1,100 crores have been saved, and this fund will be available for local development works.
PMRDA was established on 31st March 2015. However, PMRDA does not get any subsidy from the government. PMRDA is working to develop the infrastructure of the authority area on the two major sources of income, which are building permits and land revenue in the metropolitan area. The main task of PMRDA is to create infrastructure facilities for the citizens of the metropolitan area. Therefore, an application was filed with the Central Board of Direct Taxes in 2017 for exemption from paying income tax.
About Rs 250 to 275 crores was demanded from the Income Tax Department every year from PMRDA. In the meantime, a petition was filed in the High Court against the dispute of income tax recovery.
Accordingly, under the guidance of Pune Metropolitan Commissioner Rahul Mahiwal, Prathamesh Borkar, and Chief Accounts and Finance Officer, Accounts and Finance Department, PMRDA, on behalf of the firm Borkar & Borkar, worked hard to complete the necessary documents with the Central Board of Direct Taxes.
Ramdas Jagtap, Deputy Collector and Public Relations Officer, PMRDA informed, “Accordingly, an exemption has been granted to the authority for the first time in five years. Funds of around Rs 1,000-1,100 crore saved from it can be available for local development works.”
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