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The Central Government notifies the specified income of the Karnataka State Building and Other Construction Workers Welfare Board for income tax exemption under section 10 clause 46 of the Income-tax Act, 1961. The specified income includes construction cost cess, registration fees, annual subscriptions, and interest earned on these items. The Board must not engage in any commercial activity, must keep its activities and income nature unchanged, and must file a return of income under section 139 sub-section 4C clause g. The notification applies retrospectively for the period from June 1, 2020, to March 31, 2021, and for the financial year 2021-2022, and applies for the financial years 2022-2023, 2023-2024, and 2024-2025.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 3rd March, 2023
S.O. 1044(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, Karnataka State Building and Other Construction Workers Welfare Board (PAN AAALK0820C), a Board constituted by the State Government of Karnataka, in respect of the following specified income arising to that Board, namely:-
[Notification No. 12/2023/F.No.300196/61/2018-ITA-I] SOURABH JAIN, Under Secy.
Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.
MANOJ KUMAR VERMA Digitally signed by MANOJ KUMAR VERMA Date: 2023.03.03 22:17:45 +05'30'
