CBDT exempts Haryana Building and Other Construction Workers Welfare Board from Income Tax on Registration Fees, Annual Subscription [Read Notification]

The Central Board of Direct Taxes (CBDT) notified the exemption to Haryana Building and Other Construction Workers Welfare Board on Registration fees, yearly subscription collected from Construction Workers.

The Board constituted by the State Government of Haryana, in respect of the specified income arising to that Board, namely  Registration fees and yearly subscription collected from Construction Workers registered with the Haryana Building and Other Construction Workers Welfare Board as beneficiaries; Proceeds of the cess collected under the Building & Other Construction Workers Welfare Cess Act, 1996 and rules thereunder; and Interest income received from the investment.

This notification shall be effective subject to the conditions of the Haryana Building and Other Construction Workers Welfare Board.

Firstly, the Board shall not engage in any commercial activity.

Secondly, activities and the nature of the specified income shall remain unchanged throughout the financial years.

Thirdly, the Board shall file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

Lastly, the Board 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.

The notification shall be deemed to be applied for the period from 01-06-2020 to 31-03-2021 in the financial year 2020-2021 and shall apply from the financial years 2021-2022, 2022-2023, 2023-2024, and 2024-2025.

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