Exemption from specified income U/s 10(46) – ‘Kerala Autorickshaw Workers Welfare Fund Scheme, Kollam, notified - 41/2024 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 41/2024 New Delhi, the 24th April, 2024 S.O. 1777(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, Kerala Autorickshaw Workers Welfare Fund Scheme, Kollam (PAN:AAATK3080E), a Board constituted by the Government of Kerala, in respect of the following specified income arising to the said Authority, namely:- (a) Grant received from State Government of Kerala. (b) Contribution received from the workers registered as members in the Scheme. (c) Contribution received from self-employed persons and employers for workers, registering as members of the Scheme. (d) Registration fee. (e) Interest earned on bank deposits. 2. This notification shall be effective subject to the conditions that Kerala Autorickshaw Workers Welfare Fund Scheme, Kollam,- (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. This notification shall be applied for assessment years 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029 relevant for the financial years 2023-24, 2024-2025, 2025-2026, 2026-2027 and 2027-2028 respectively. [F. No. 300196/44/2019-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.