Exemption from specified income U/s 10(46) – ‘Telangana Building and Other Construction Workers Welfare Board’ notified - 93/2023 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 93/2023 New Delhi, the 26th October, 2023 S.O. 4700(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, Telangana Building and Other Construction Workers Welfare Board , (PAN AAEAT9368D), a board established by the Government of Telangana, in respect of the following specified income arising to that board, namely: (a) Cess received; (b) Registration and renewal fee collection from the Building and other construction workers; and (c) Interest received on bank deposits. 2. This notification shall be effective subject to the conditions that Telangana 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 year; 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. This notification shall be deemed to have been applied for assessment year 2023-2024 relevant to the financial year 2022-2023. [F. No. 196/26/2022-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.