Exemption from specified income U/s 10(46) – Notifies 'Punjab Building and Other Construction Welfare Board' a body constituted by the State Government of Punjab - 67/2023 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 67/2023 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:- (a) Labour Cess collection; (b) Contribution collection; and (c) Interest earned on (a) and (b) above. 2. The provisions of this notification shall be effective subject to the conditions that Punjab Building and Other Construction Welfare Board,- (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income remain unchanged throughout the financial years; and (c) shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961 . 3. This notification shall be deemed to have been applied for the for the A.Y 2022-2023 and A.Y 2023-2024 relevant for F.Y. 2021-2022 and 2022-2023 respectively. [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.