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of <h1>Punjab Building and Construction Welfare Board Exempted from Specified Income u/s 10(46) of Income-tax Act.</h1> The Central Government has notified the Punjab Building and Other Construction Welfare Board, constituted by the State Government of Punjab, as exempt from specified income under Section 10(46) of the Income-tax Act, 1961. The exemption applies to income from labor cess collection, contribution collection, and interest earned on these collections. The Board must not engage in commercial activities, maintain the nature of its specified income, and file income returns as per legal requirements. This notification is effective for the assessment years 2022-2023 and 2023-2024, covering financial years 2021-2022 and 2022-2023. No individuals are adversely affected by this retrospective application.
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