Notification No. 131/2021 [F. No. 300196/30/2021-ITA-I]/ SO 4637(E)

Last updated: 12 November 2021

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The Central Board of Direct Taxes has issued a notification granting income tax exemption to the Assam Building and Other Construction Workers Welfare Board. This exemption applies to specific income sources, including labour cess, registration fees, member contributions, capital gains, and interest earned. The notification is effective for the financial years 2021-2022 through 2025-2026, provided the Board adheres to certain conditions.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 10th November, 2021

S.O. 4637(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, ‘Assam Building and Other Construction Workers Welfare Board’ (PAN AAAJA2255M), a Board constituted by the State Government of Assam, in respect of the following specified income arising to that Board, namely:-

(a) Labour cess received;

(b) Beneficiaries registration fees;

(d) Capital gain on sale/redemption of investments; and

(e) Interest income earned on (a) to (b) above.

2. This notification shall be effective subject to the conditions that Assam 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 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 apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.

[Notification No. 131/2021/F. No. 300196/30/2021-ITA-I]

SOURABH JAIN, Under Secy.

FAQ :

This notification exempts certain income of the Assam Building and Other Construction Workers Welfare Board from income tax under the Income-tax Act, 1961.

The exemption covers labour cess, beneficiaries registration fees, members' contributions, capital gains on investments, and interest income earned on these.

The Board must not engage in commercial activity, its activities and income nature must remain unchanged, and it must file its income tax return as per Section 139(4C)(g) of the Income-tax Act, 1961.

This notification is applicable for the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025, and 2025-2026.

The notification was issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes.