CBDT Notifies Telangana Building and Other Construction Workers Welfare Board for Exemption u/s 10(46) of IT Act
The Central Board of Direct Taxes (CBDT) has notified the ‘Telangana Building and Other Construction Workers Welfare Board’ for Income tax exemption under section 10(46) of the Income Tax Act, 1961 via issuing a notification.
The official notification stated:
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, ‘Telangana Building and Other Construction Workers Welfare Board’, (PAN AAEAT9368D), a board established by the Government of Telangana, in respect of the following specified income arising to that board, namely:
1. Cess received;
2. Registration and renewal fee collection from the Building and other construction workers; and
3. Interest received on bank deposits.
This notification shall be effective subject to the conditions that Telangana Building and Other Construction Workers Welfare Board, –
1. shall not engage in any commercial activity;
2. activities and the nature of the specified income shall remain unchanged throughout the financial year; and
3. shall file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
This notification shall be deemed to have been applied for the assessment year 2023-2024 relevant to the financial year 2022-2023.
For Official Notification Download the PDF Given Below:
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