CBDT vide Notification No. 47/2022 dated 28.04.2022 in S.O. 1997(E) notified ‘Tamilnadu Construction Workers Welfare Board’, having PAN AAATT9440P, a Board constituted by the state Government of Tamil Nadu for income-tax exemption under section 10(46) of the Income-tax Act, 1961.
As per the notification, the following incomes of the Board shall be exempt from income tax:
(a) Contribution to Fund for benefit of manual workers in the employment in construction or maintenance of dams, bridges, etc.;
(b) Fee collection; and
(c) Interest earned on (a) and (b) above.
The above-mentioned income shall be exempt from income tax if the Board shall not engage in any commercial activity and that activities and the nature of the specified income shall remain unchanged throughout the financial years.
In order to claim exemption, the Authority shall file a return of income in accordance with the provision of section 139(4C)(g).
Read the full text of Notification No. 47/2022 dated 28.04.2022 on income-tax exemption to Tamilnadu Construction Workers Welfare Board
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 28th April, 2022
S.O. 1997(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, Tamilnadu Construction Workers Welfare Board (PAN AAATT9440P), a Board constituted by the state Government of Tamil Nadu, in respect of the following specified income arising to that Board, namely:-
(a) Contribution to Fund for benefit of manual workers in the employment in construction or maintenance of dams, bridges, etc.;
(b) Fee collection; and
(c) Interest earned on (a) and (b) above.
2. This notification shall be effective subject to the conditions that Tamilnadu 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 be deemed to have been applied for the financial year 2020-2021 (for period from 01-06-2020 to 31-03-2021) and for the financial year 2021-2022 and shall be applicable with respect to the financial years 2022-2023, 2023-2024 and 2024-2025.
[Notification No. 47/2022 F.No.300196/43/2017-ITA-I]
SOURABH JAIN, Under Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification
){kind=link}
0 Comments