Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
A central government notification under section 10(46) of the Income-tax Act grants tax exemption to a state-constituted building and construction workers' welfare board for specified income: registration fees and annual subscriptions from registered workers, proceeds of the statutory cess under the Building and Other Construction Workers Welfare Cess Act, and interest on bank deposits. The exemption is subject to conditions that the board not undertake commercial activities, maintain the same activity and income character across financial years, and file returns as required by clause (g) of section 139(4C). The notification applies to financial years 2025-26 through 2029-30 (assessment years 2026-27 to 2030-31) and is given retrospective effect with certification of no adverse impact.
A central government notification under section 10(46) of the Income-tax Act grants tax exemption to a state-constituted building and construction workers' welfare board for specified income: registration fees and annual subscriptions from registered workers, proceeds of the statutory cess under the Building and Other Construction Workers Welfare Cess Act, and interest on bank deposits. The exemption is subject to conditions that the board not undertake commercial activities, maintain the same activity and income character across financial years, and file returns as required by clause (g) of section 139(4C). The notification applies to financial years 2025-26 through 2029-30 (assessment years 2026-27 to 2030-31) and is given retrospective effect with certification of no adverse impact.
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