Notification No. 80/2021 [F. No. 300196/30/2018-ITA-I] / SO 2826(E)

Last updated: 16 July 2021

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The Central Board of Direct Taxes has issued a notification granting tax exemption to the Haryana Labour Welfare Board. This exemption applies to specific income sources such as employer and employee contributions to the Labour Welfare Fund, unpaid employee dues, fines for delayed deposits, and interest earned on loans and investments. The notification is effective for various financial years, including a retrospective period in 2020-2021 and extending to 2024-2025, provided certain conditions are met.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 14th July, 2021 S.O. 2826(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 purpos

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FAQ :

The Haryana Labour Welfare Board is being notified for tax exemption under clause (46) of section 10 of the Income-tax Act, 1961, in respect of specified income arising to the board.

The notification covers contributions to the Labour Welfare Fund, unpaid employee dues older than 2 years, fines on delayed deposits, interest on staff loans, and interest income from investments.

The board must not engage in commercial activity, its activities and income nature must remain unchanged, and it must file income tax returns and an audited report with a chartered accountant's certificate confirming compliance.

The notification applies from 01-06-2020 to 31-03-2021, and also for the financial years 2021-2022, 2022-2023, 2023-2024, and 2024-2025.

Yes, the notification has a retrospective effect for the financial year 2020-2021, from June 1, 2020, to March 31, 2021.