CBDT Notifies Income Tax Exemption to Punjab Building and Other Construction Welfare Board under clause (46) of Section 10 of IT Act:

CBDT Notifies Income Tax Exemption to Punjab Building and Other Construction Welfare Board under clause (46) of Section 10 of IT Act The Central Board of Direct Taxes(CBDT) has notified Income Tax Exemption to Punjab Building and Other Construction Welfare Board under clause (46) of Section 10 of IT Act via issuing Notification. The Notification Stated as, "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, Punjab Building and Other Construction Welfare Board (PAN: AAALP0698P), a body constituted by the State Government of Punjab, in respect of the specified income arising to that Board." The specified income arising to that Board are as follow: (a) Labour Cess collection; (b) Contribution collection; and (c) Interest earned on (a) and (b) above. The provisions of this notification shall be effective subject to the conditions that Punjab Building and Other Construction Welfare Board,- (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income remain unchanged throughout the financial years; and (c) shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961. This notification shall be deemed to have been applied for the for the A.Y 2022-2023 and A.Y 2023-2024 relevant for F.Y. 2021-2022 and 2022-2023 respectively. For Official Notification Download PDF Given Below: