Karnataka State Building and Other Construction Workers Welfare Board notified a Board constituted by the State Government of Karnataka U/s 10(46) of IT Act 1961. - 12/2023 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 12/2023 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:- (a) Cess collected on construction cost levied u/s 3(1) of the Building and Other Construction Workers Cess Act, 1996; (b) Registration fee annual subscriptions received from the establishments; and (c) Interest earned on (a) (b) above. 2. This notification shall be effective subject to the conditions that Karnataka State Building and Other Construction Workers Welfare Board,- (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and (c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961 . 3. 1 [ This notification shall be deemed to have been applied for the financial year 2020-2021 to financial year 2024-2025 relevant to the assessment year 2021-2022 to assessment year 2025-2026. ] [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. **************** NOTES:- 1. Substituted vide NOTIFICATION NO. 14/2024 dated 23-01-2024 before it was read as, This notification shall be deemed to be applied for the period from 01-06-2020 to 31-03-2021 in the financial year 2020-2021 and shall apply from the financial years 2021-2022, 2022-2023, 2023-2024 and 2024-2025.