The central Bard of Direct Taxes (CBDT) recently notified exemption to the ‘Chandigarh Building and Other Construction Workers Welfare Board’, a board constituted by the Administrator, Union Territory, Chandigarh.
As per the recent notification, the CBDT clarified that the Welfare Board will be entitled to tax exemption in respect of the proceeds of the Cess collected under the Building & Other Construction Workers Welfare Cess Act, 1996 and rules and interest income received from investment.
The second notification exempts the Fees for Annual Licence, Interest on Fixed Deposit and Savings Account, Fees for Application / Petition filed, Grants from Government of Maharashtra, Fees for Documents, Penalty for delayed payment of Annual Licence Fees, Fees for RTI, Sale of scrap etc received by the Maharashtra Electricity Regulatory Commission.
The exemption notifications are applicable from the financial year 2015-16 to 2019-20.
As per another notification, Certification fee, Sale of standards, provided there is no profit involved and the income from interest received by the Bureau of Indian Standards (BIS)set up by the Bureau of Indian Standards Act, 1986 are also exempted from the income tax net for theassessment years 2017-18 to 2020-21.
The exemption is granted to the above institutions subject to the following conditions, i.e, firstly, they should not engage in any commercial activity (b) the activities and the nature of the specified income of these institutions remain unchanged throughout the financial year ; and(c) they must file return of income in accordance with the provision of clause (g) of sub section (4C) of section 139 of the said Act.
Read the full text of the notifications below.
