Notification under clause 46 of section 10 of Income tax Act 1961 in case of Punjab Building and Other Construction

Last updated: 24 August 2023

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The Central Board of Direct Taxes has issued a notification under the Income Tax Act, 1961, granting an exemption for specific income earned by the Punjab Building and Other Construction Welfare Board. This exemption applies to labour cess collection, contribution collection, and interest earned on these. The notification is effective retrospectively from Assessment Year 2022-2023.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 23rd August, 2023 S.O. 3777(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 pu

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FAQ :

This notification grants an exemption under the Income Tax Act, 1961, for certain incomes of the Punjab Building and Other Construction Welfare Board.

The exempted incomes include Labour Cess collection, Contribution collection, and interest earned on these two.

The Board must not engage in commercial activity, its activities and income nature must remain unchanged, and it must file income returns as per the Income-tax Act.

This notification is deemed to have been applied for Assessment Year 2022-2023 and Assessment Year 2023-2024, relevant for Financial Year 2021-2022 and 2022-2023 respectively.