MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

(CENTRAL BOARD OF DIRECT TAXES)

New Delhi: 26.10.2023

NOTIFICATION

S.O. 4700(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Telangana Building and Other Construction Workers Welfare Board’, (PAN AAEAT9368D), a board established by the Government of Telangana, in respect of the following specified income arising to that board, namely:

(a) Cess received;

(b) Registration and renewal fee collection from the Building and other construction workers; and

(c) Interest received on bank deposits.

2. This notification shall be effective subject to the conditions that Telangana Building and Other Construction Workers Welfare Board, -

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income shall remain unchanged throughout the financial year; and

(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3. This notification shall be deemed to have been applied for assessment year 2023-2024 relevant to the financial year 2022-2023.

[Notification No. 93/2023 F. No. 196/26/2022-ITA-I]

VIKAS SINGH, Director (ITA-I)

Explanatory Memorandum

It is certified that no person is being adversely affected by giving retrospective effect to this notification.