Tax Free Noida: The news of Noida being declared tax free has created confusion among the people. But this tax exemption is not for common citizens or businessmen. This exemption has been given only to Noida Authority…
Noida Tax Free: These days there is a discussion in Noida adjacent to Delhi that now Noida has become completely ‘tax free’, that is, no one will have to pay tax here. But the question is, does this really apply to every citizen, businessman or company? Or is the scope of this tax exemption limited. Let us know what is the real meaning of Noida Tax Free.
Actually, declaring Noida tax free does not mean that now every resident or businessman here does not need to pay tax. The discussion of ‘tax free’ in Noida is directly related to the exemption given by the Central Government for some income sources of Noida Authority i.e. New Okhla Industrial Development Authority. Common citizens, residents, businessmen or companies will have to pay tax on their income (salary, business, rent, lottery, etc.) as per the rules of the country.
On which incomes exemption is given?
The tax exemption given to Noida Authority applies only to its income from public services. This includes sources such as rent received from public properties, government grants or subsidies, and public service charges. The purpose of this exemption is to financially empower the authority so that it can use these resources in the development of infrastructure like roads, water, sewerage and housing. This step is an important effort towards ensuring better infrastructure in public interest.
What will be the impact on common citizens?
Common residents of Noida, whose income is from job, business or any other source, will have to pay tax according to their income as per the tax laws of the country. There is no change for companies and individuals doing business, they will also have to follow the valid tax rules, and file income tax returns.
