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Exemption from specified income U/s 10(46) of IT Act 1961 – ‘West Bengal Transport Workers Social Security Scheme’ - 99/2024 - Income TaxExtract MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 99/2024 New Delhi, the 12th August, 2024 S.O. 3253(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 Transport Workers Social Security Scheme (PAN AAALW0133G), a body established by the Government of West Bengal in respect of the following specified income arising to that body, namely: (a) Amount received in the form of Government grants; (b) Amount received as cess under the West Bengal Motor Transport Workers Welfare Cess Act, 2010 (West Bengal Act V of 2010) and rules framed thereunder; (c) Amount received as registration fees paid by the registered beneficiaries; and (d) Interest earned on bank deposits. 2. This notification shall be effective subject to the conditions that West Bengal Transport Workers Social Security Scheme - (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 deemed to have been applied for assessment years 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2020-2021, 2021-2022 and 2022-2023 and shall be applicable for assessment years 2024-2025 and 2025-2026 relevant for the financial years 2023-2024 and 2024-2025 respectively. [F. No. 300196/19/2019-ITA-I(Pt.1)] VIKAS SINGH, Director (ITA-I) Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.
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