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The Central Government exempts the specified income of a state-constituted welfare board for building and construction workers from income tax under section 10(46) of the Income-tax Act, 1961. The exempted income includes cess received, registration and renewal fees collected from workers, and interest on bank deposits. The exemption is conditional on the board not engaging in commercial activities, maintaining the nature of income and activities unchanged, and filing income tax returns as required. The notification applies retrospectively for assessment years 2019-2020 to 2023-2024.
The Central Government exempts the specified income of a state-constituted welfare board for building and construction workers from income tax under section 10(46) of the Income-tax Act, 1961. The exempted income includes cess received, registration and renewal fees collected from workers, and interest on bank deposits. The exemption is conditional on the board not engaging in commercial activities, maintaining the nature of income and activities unchanged, and filing income tax returns as required. The notification applies retrospectively for assessment years 2019-2020 to 2023-2024.
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