The Central Board of Direct Taxes (CBDT) notified the Income Tax exemption under clause (46) of section 10 of the Income-tax Act, 1961 to the Haryana Labour Welfare Board and Himachal Pradesh Computerization of Police Society.
The Haryana Labour Welfare Board is exempted to pay income tax on Contribution to the Labour Welfare Fund by the Employers and Employees; Unpaid accumulation which were due to employees but not paid to them within a period of 2 years by the Employer; Fine on delayed deposit of contribution and unpaid accumulation; Interest on loans and advances given to staff of the board; and Interest income received from investment.
The Himachal Pradesh Computerization of Police Society is a body established by the State Government of Himachal Pradesh, in respect of the specified income arising to that body, namely Amount received in the form of Grant-in-aid; and Interest accrued on Grant-in Aid deposited in the account of Himachal Pradesh Computerization of Police Society.
The notification shall be effective subject to the conditions that Haryana Labour Welfare Board and Himachal Pradesh Computerization of Police Society shall not engage in any commercial activity; activities and the nature of the specified income shall remain unchanged throughout the financial years; and 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; and shall file the Audit report along with the Return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied.
In respect of Haryana Labour Welfare Board, this notification shall apply for the period from 01-06-2020 to 31-03-2021 in the financial year 2020-2021 and also from the financial years 2021-2022, 2022-2023, 2023-2024 and 2024-2025.
In respect of Himachal Pradesh Computerization of Police Society, This notification shall be deemed to have been applied for the financial years 2018-2019, 2019- 2020 and 2020-2021 and shall apply with respect to the financial years 2021-2022 and 2022-2023.
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