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

Notice Date : 23 August 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 purposes of the said clause, Punjab Building and Other Construction Welfare Board (PAN: AAALP0698P), a body constituted by the State Government of Punjab, in respect of the following specified income arising to that Board, namely:-
(a) Labour Cess collection;
(b) Contribution collection; and
(c) Interest earned on (a) and (b) above.

2. The provisions of this notification shall be effective subject to the conditions that Punjab Building and Other Construction Welfare Board,-
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income remain unchanged throughout the financial years; and
(c) shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961.

3. This notification shall be deemed to have been applied for the for the A.Y 2022-2023 and A.Y 2023-2024 relevant for F.Y. 2021-2022 and 2022-2023 respectively.

[Notification No. 67/2023/F.No.300196/4/2022-ITA-I]
VIKAS SINGH, Director (ITA-I)

Explanatory Memorandum

It is certified that no person is being adversely affected by giving retrospective effect to this notification.