Building and Other Construction Workers Welfare Board receipts (cess, fees, grants, interest) exempt u/s 10(46); conditions, penalties, 2022-27

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Full Text of the Document

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....West Bengal Building and Other Construction Workers Welfare Board is notified as eligible for exemption under section 10(46) of the Income-tax Act in respect of (a) cess collected under the Building and Other Construction Workers Welfare Cess Act and related rules, (b) registration fees and annual subscriptions from registered beneficiaries, (c) grants-in-aid and government loans, and (d) interest on investments, with the operative effect that such specified receipts are exempt from taxation under section 10(46). The Board must not engage in commercial activity, must maintain the nature of the specified income, and must file returns as required by clause (g) of section 139(4C); breach may trigger penal action and withdrawal of the exemption. The notification is deemed effective for assessment years 2022-23 through 2025-26 and applies to assessment year 2026-27.....