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The Central Government notifies the Punjab Building and Other Construction Welfare Board for the purposes of clause (46) of section 10 of the Income-tax Act, 1961. The board receives an income tax exemption for Labour Cess collection, contribution collection, and interest earned on those two items. 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 files returns of income under clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961. This notification applies for the assessment years 2022-2023 and 2023-2024.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 23rd August, 2023
S.O. 3777(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, Punjab Building and Other Construction Welfare Board (PAN: AAALP0698P), a body constituted by the State Government of Punjab, in respect of the following specified income arising to that Board, namely:-
[Notification No. 67/2023/F.No.300196/4/2022-ITA-I] VIKAS SINGH, Director (ITA-I)
Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.
