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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 in
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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.
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Source : https://www.incometaxindia.gov.in/communications/notification/notification-131-2021.pdf