CBDT vide Notification No. 12/2023 dated 03.03.2023 in S.O. 1044(E) notified ‘Karnataka State Building and Other Construction Workers Welfare Board, having PAN AAALK0820C, a Board constituted by the State Government of Karnataka 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) Cess collected on construction cost levied u/s 3(1) of the Building and Other Construction Workers’ Cess Act, 1996;
(b) Registration fee & annual subscriptions received from the establishments; and
(c) Interest earned on above.
The above-mentioned income shall be exempt from income tax if the Board shall not engage in any commercial activity and the activities and the nature of the specified income shall remain unchanged throughout the financial years.
In order to claim exemption, the commission is required to furnish a return of income in accordance with the provision of section 139(4C)(g).
The exemption shall apply retrospectively from FY 2020-21 and shall be available till FY 2024-25.
Read the full text of Notification No. 12/2023 dated 03.03.2023 on income-tax exemption to Karnataka State Building and Other Construction Workers Welfare Board
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 3rd March, 2023
S.O. 1044(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, Karnataka State Building and Other Construction Workers Welfare Board (PAN AAALK0820C), a Board constituted by the State Government of Karnataka, in respect of the following specified income arising to that Board, namely:-
(a) Cess collected on construction cost levied u/s 3(1) of the Building and Other Construction Workers’ Cess Act, 1996;
(b) Registration fee & annual subscriptions received from the establishments; and
(c) Interest earned on (a) & (b) above.
2. This notification shall be effective subject to the conditions that Karnataka State 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 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. 12/2023/F.No.300196/61/2018-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.
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