The Central Board of Direct taxes (CBDT) on behest of the Department of Revenue, Ministry of Finance, in exercise of the powers conferred by Clause (46) of Section 10 of the Income Tax Act, 1961, vide Notification No.S.O. 3564 (E)1, dated November 9, 2017, issued a notification to the "Telangana Building and Other Construction Workers Welfare Board", a board established by the Government of Telangana.
The Board was notified for the purposes of the said clause, in respect of the following specified income arising to that board –
i. Cess received;
ii. Registration and renewal fee collection from the Building and other construction workers, and;
iii. Interest received on deposits.
iv. The Government also mentioned that the Notification shall be effective subject to the conditions that Telangana Building and Other Construction Workers Welfare Board –
v. Shall not engage in any commercial activity;
vi. Activities and the nature of the specified income shall remain unchanged throughout the financial years; and
vii. 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.
Lastly, the Government also stated that this notification shall be applicable for the financial years 2017-2018, 2018-2019, 2019-2020, 2020-2021 and 2021-2022
Footnote
1 http://www.cutmytax.com/wp-content/uploads/2017/11/Income-Tax-Notification-95-2017.pdf
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