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The Central Government notifies the Kerala Headload Workers Welfare Board for income tax exemption under clause (46) of section 10 of the Income-tax Act, 1961. The exemption applies to specified income sources that include levy collections, registration fees, grants-in-aid, loans, interest income, employer deposits, member contributions, interest on staff loans, and employer wage receipts. The board must not engage in any commercial activity. The activities and the nature of the specified income must remain unchanged throughout the financial years. The board must file a return of income in accordance with section 139 sub-section (4C) clause (g) of the Income-tax Act, 1961. The notification applies retrospectively to the financial year 2014-15 and prospectively for the financial years 2015-16, 2016-17, 2017-18, and 2018-19.
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MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) NOTIFICATION New Delhi, the 26th July, 2016
S.O. 2527(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, Kerala Headload Workers Welfare Board, a body constituted by Government of Kerala, in respect of the following specified income arising to that Board, namely:-
[Notification No. 63/2016/F. No. 196/30/2015-ITA-I] ROHIT GARG, Dy. Secy.
