Home› India› Ministry of Finance› Notificaition Under Section 10(46) of the Income tax Act 196...
Date: 26-Oct-2023 Category: Extra Ordinary State: Union Government Country: India

Notificaition Under Section 10(46) of the Income tax Act 1961 in case of Telangana Building and Other Construction Workers Welfare Board

Issued by Ministry of Finance · Department of Revenue

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • The notification grants income tax exemption to the 'Telangana Building and Other Construction Workers Welfare Board' on specified income.

Key Changes

  • The Central Government notifies the 'Telangana Building and Other Construction Workers Welfare Board' for income tax exemption under Section 10(46) of the Income-tax Act, 1961.
  • The exemption applies to the following specified income:
  • Cess received.
  • Registration and renewal fee collection from building and other construction workers.
  • Interest received on bank deposits.
  • The exemption is subject to the following conditions:
  • The board shall not engage in any commercial activity.
  • The activities and the nature of the specified income shall remain unchanged throughout the financial year.
  • The board shall file a return of income as per Section 139(4C)(g) of the Income-tax Act, 1961.
  • The notification is applicable for the assessment year 2023-2024, relevant to the financial year 2022-2023.

Impact Analysis

Telangana Building and Other Construction Workers Welfare Board

  • Action Item: Ensure compliance with the conditions specified in the notification, including not engaging in commercial activities, maintaining the nature of income, and filing income tax returns.

Government of Telangana

  • Action Item: Monitor the board's activities to ensure compliance with the notification's conditions.

Building and Other Construction Workers in Telangana

  • No direct action required.

Central Board of Direct Taxes (CBDT)

  • No adverse impact is expected as per the explanatory memorandum.

Key Entities Referenced

Telangana Building and Other Construction Workers Welfare Board: A board established by the Government of Telangana. Income-tax Act, 1961: The principal act governing income tax in India. Section 10(46) provides for exemption of income of certain bodies or authorities. Central Board of Direct Taxes (CBDT): A part of the Department of Revenue in the Ministry of Finance, Government of India. It provides essential inputs for policy and planning of direct taxes in India.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-26102023-249715 CG-DxLx-xEG-I2D6H1x0x2x0 23-249715 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 4513] नई दिल्ली, बृहस्ट्प जतिार, अक्त बू र 26, 2023/कार्तकड 4, 1945 No. 4513] NEW DELHI, THURSDAY, OCTOBER 26, 2023/KARTIKA 4, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केन्द्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 26 अक्त ूबर, 2023 का.आ. 4700(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करते हुए, केंर सरकार उि खंड के प्रयोिनों के जलए 'तले गं ाना भिन और अन्द्य जनमाडण श्रजमक कल्याण बोडड', (PAN AAEAT9368D), तले गं ाना सरकार द्वारा स्ट्थाजपत एक बोडड, को उद्भूत होन े िाली जनम्नजलजखत जिजनर्िष्टड आय के संबंध में अजधसूजचत करती ह,ै अथाडतः (क) प्राप्त उपकर; (ख) भिन और अन्द्य जनमाणड श्रजमकों से पंिीकरण और निीनीकरण िुल्क संग्रह; और (ग) बैंक िमा पर प्राप्त ब्याि। 2. यह अजधसूचना जनम्नजलजखत ितों के अध्यधीन प्रभािी होगी दक तेलगं ाना भिन और अन्द्य जनमाडण श्रजमक कल्याण बोडड, - 6822 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (क) दकसी भी व्यािसाजयक गजतजिजध में िाजमल नहीं होगा; (ख) गजतजिजधयााँ और जनर्िष्टड आय की प्रकृजत पूरे जित्तीय िर्ड में अपररिर्तडत रहगे ी; और (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4ग) के खडं (छ) के प्रािधान के अनुसार आय की जििरणी फाइल करेगा। 3. यह अजधसूचना जनधाडरण िर्ड 2023-2024 के जलए लाग ू मानी िाएगी और जित्त िर्ड 2022-2023 के जलए संगत ह।ै [अजधसूचना स.ं 93/2023 फा. स.ं 196/26/2022-आईटीए-I] जिकास ससंह, जनिेिक (आईटीए-I) जििरणात्मक ज्ञापन प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को पूिडव्यापी प्रभाि से लाग ू करन े से दकसी व्यजि पर प्रजतकूल प्रभाि नहीं पड़ रहा ह।ै MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 26th October, 2023 S.O. 4700(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, ‘Telangana Building and Other Construction Workers Welfare Board’, (PAN AAEAT9368D), a board established by the Government of Telangana, in respect of the following specified income arising to that board, namely: (a) Cess received; (b) Registration and renewal fee collection from the Building and other construction workers; and (c) Interest received on bank deposits. 2. This notification shall be effective subject to the conditions that Telangana 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 year; 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 assessment year 2023-2024 relevant to the financial year 2022-2023. [Notification No. 93/2023 F. No. 196/26/2022-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. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Continue your research

Related Documents from Ministry of Finance