CBDT exempts income of Assam Building & Other Construction Workers Welfare Board u/s 10(46)

CBDT exempts income of Assam Building and Other Construction Workers Welfare Board u/s 10(46) of Income Tax Act 1961

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 10th November, 2021

S.O. 4637(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Assam Building and Other Construction Workers Welfare Board’ (PAN AAAJA2255M), a Board constituted by the State Government of Assam, in respect of the following specified income arising to that Board, namely:-

(a) Labour cess received;

(b) Beneficiaries registration fees;

(c) Members contribution;

(d) Capital gain on sale/redemption of investments; and

(e) Interest income earned on (a) to (b) above.

2. This notification shall be effective subject to the conditions that Assam Building and Other Construction Workers Welfare Board, –

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3. This notification shall apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.

[F.No.300196/30/2021-ITA-I]

SOURABH JAIN, Under Secy

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