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Date: 23-Aug-2023 Category: Extra Ordinary State: Union Government Country: India

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

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

Key Changes

  • The notification is effective retrospectively for Assessment Years 2022-2023 and 2023-2024, relevant to Financial Years 2021-2022 and 2022-2023 respectively.
  • The Central Government notifies the Punjab Building and Other Construction Workers Welfare Board (PAN: AAALP0698P) for income tax exemption on specific income.
  • The exemption applies to income from Labour Cess collection, Contribution collection, and interest earned on these collections.
  • The exemption is conditional upon the board not engaging in commercial activities, maintaining consistent activities and income nature, and filing income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.

What it means

  • The notification grants income tax exemption to the Punjab Building and Other Construction Workers Welfare Board on specific income sources.
  • This exemption is provided under Section 10(46) of the Income-tax Act, 1961.

Impact Analysis

Punjab Building and Other Construction Workers Welfare Board

  • Action Item: Ensure compliance with the conditions stipulated in the notification, including refraining from commercial activities, maintaining consistent operations, and filing income tax returns as required.

State Government of Punjab

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

Beneficiaries of the Welfare Board

  • No specific action item.

Central Board of Direct Taxes (CBDT)

  • Action Item: Ensure proper implementation of the notification and monitor compliance by the Punjab Building and Other Construction Workers Welfare Board.

Key Entities Referenced

Punjab Building and Other Construction Workers Welfare Board: A public body established by the Punjab State Government responsible for the welfare of construction workers. Income-tax Act, 1961: The primary legislation governing income tax in India. Section 10(46) provides for exemptions for specified bodies or authorities. Central Board of Direct Taxes (CBDT): A part of the Department of Revenue in the Ministry of Finance, responsible for the administration of direct taxes.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-23082023-248266 CG-DxLx-xEG-I2D3H0x8x2x0 23-248266 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.ं 3617] नई दिल्ली, बुधिार, अगस्ट्त 23, 2023/भाद्र 1, 1945 No. 3617] NEW DELHI, WEDNESDAY, AUGUST 23, 2023/BHADRA 1, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 23 अगस्ट्त, 2023 का.आ. 3777(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करते हुए, केंद्रीय सरकार उि खंड के प्रयोिनार्ड, ‘पंिाब जबलल्डंग एडं अिर कंस्ट्रक्िन िकडसड िले फेयर बोडड’, (PAN AAALP0698P), पंिाब राज्य सरकार द्वारा स्ट्र्ाजपत एक जनकाय, को उस जनकाय स े उत्पन्न होन े िाली जनम्नजलजखत जिजनर्िष्टड आय के संबंध में अजधसूजचत करती ह,ै अर्ाडतः (क) श्रम उपकर सग्रं हण; (ख) अंििान संग्रहण; (ग) उि (क) स े(ख) के संबंध में अर्िडत ब्याि। 2. इस अजधसूचना के प्रािधान जनम्न के अध्यधीन प्रभािी होंग ेदक पंिाब जबलल्डंग एडं अिर कंस्ट्रक्िन िकडसड िेलफेयर बोडड- (क) दकसी िाजणजज्यक कायडकलाप में िाजमल नहीं होगा; 5439 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (ख) कायडकलाप और जिजिष्ट आय की प्रकृजत समस्ट्त जित्तीय िर्षों के िौरान अपररिर्ततड रहगे ी; और (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4ग) के खंड (छ) के प्रािधान के अनुसार आय की जििरणी फाइल की िाएगी। 3. यह अजधसूचना जनधाडरण िर्ष ड 2022-2023 और जनधाडरण िर्ष ड 2023-2024 के संबंध म ें लाग ू मानी िाएगी और क्रमिः जित्तीय िर्षड 2021-2022 और 2022-2023 के जलए संगत होगी। [अजधसूचना सं. 67/2023 /फा. सं. 300196/4/2022-आईटीए-I] जिकास लसंह, जनिेिक (आईटीए-I) स्ट्पष्टीकरण ज्ञापन प्रमाजणत दकया िाता ह ैदक इस अजधसूचना को भतू लक्षी प्रभाि िेन े 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 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. 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.

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