The Central Board of Direct Taxes (CBDT) has notified that Assam Building and Other Construction Workers Welfare Board shall be eligible for Section 10(46) Income Tax Exemption.
The Board empowered under clause (46) of section 10 of the Income-tax Act, 1961 notified for the purposes of the said clause ‘Assam Building and Other Construction Workers Welfare Board’, a Board constituted by the State Government of Assam, in respect of the specified income arising to that Board, namely Labour cess received; Beneficiaries registration fees; Members contribution; Capital gain on sale/redemption of investments; and Interest income earned thereon.
This notification shall be effective subject to the conditions that Assam Building and Other Construction Workers Welfare Board, 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 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.
This notification shall apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025, and 2025-2026.
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