NOTIFICATION NO. SO 245(E) [NO.6/2017 (F.NO.300196/20/2016-ITA-I)], DATED 24-1-2017

SECTION 10(46) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY

NOTIFICATION NO. SO 245(E) [NO.6/2017 (F.NO.300196/20/2016-ITA-I)]DATED 24-1-2017

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 for the said clause, Punjab Building & Other Construction Workers Welfare Board, constituted by the Government of Punjab, in respect of the following specified income arising to that Board, namely:—

(a) labour cess collection; and
(a) interest income on deposits.

2. This notification shall be effective subject to the conditions that Punjab Building & Other Construction Workers Welfare Board,—

(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income remain unchanged throughout the financial years; and
(c) shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961.

3. This notification shall be applicable for the financial years 2016-17 to 2020-21.