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The Central Government notifies the West Bengal Unorganised Sector Workers Welfare Board for income tax exemption under clause (46) of section 10 of the Income-tax Act, 1961. The exemption applies to specific income sources that include grant-in-aid from the government, registration fees and subscriptions from registered workers, and interest earned on those funds. The board must not engage in commercial activity and must keep its activities and the nature of the specified income unchanged throughout the financial years. The board also files its return of income under section 139 of the Income-tax Act, 1961. The notification applies retrospectively for the assessment year 2018-2019 and covers assessment years 2019-2020 through 2022-2023.
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MINISTRY OF FINANCE Department of Revenue (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 22nd October, 2018
S.O. 5366(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, ‘West Bengal Unorganised Sector Workers Welfare Board’, Kolkata, a board constituted by the Government of West Bengal, in respect of the following specified income arising to that board, namely:—
[Notification No. 69 /2018/ F.No. 300196/38/2018-ITA-I] VINAY SHEEL GAUTAM, Under Secy.
Explanatory Memorandum: It is certified that no person is being adversely affected by giving retrospective effect to this notification.
