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of <h1>West Bengal Transport Workers' Social Security Scheme Gains Tax Exemption u/s 10(46) for Specified Income.</h1> The Central Government has issued a notification under clause (46) of section 10 of the Income-tax Act, 1961, exempting specified income of the 'West Bengal Transport Workers' Social Security Scheme' from taxation. This includes government grants, cess under the West Bengal Motor Transport Workers' Welfare Cess Act, registration fees from beneficiaries, and interest on bank deposits. The exemption is contingent on the scheme not engaging in commercial activities, maintaining the nature of income, and filing income returns per section 139(4C). The notification applies retrospectively for assessment years 2021-2022 to 2023-2024 and prospectively for 2024-2025 to 2025-2026.
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