Exemption from specified income U/s 10(46) of IT Act 1961 - ‘Puducherry Building and Other Construction Workers Welfare Board’ - 123/2025 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 123/2025 New Delhi, the 22nd July, 2025 (Income-Tax) S.O. 3364(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, Puducherry Building and Other Construction Workers Welfare Board (PAN: AABAP7098M), a Board constituted by Government of Union Territory of Puducherry, in respect of the following specified income arising to that Board, namely:- (a) Cess received, (b) Registration Renewal fee received/collected from the Building and other Construction Workers (c) Interest received on bank deposits 2. This notification shall be effective subject to the conditions that Puducherry Building and Other Contraction 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 years; and (c) shall file return of income in accordance with the proviso 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 financial years 2023-2024, 2024-2025 relevant to assessment year 2024-25, 2025-26 and shall also apply with respect to financial year 2025-2026, 2026-2027 and 2027-2028 relevant to assessment year 2026-2027, 2027-2028 and 2028-2029. [F. No. 300196/14/2024-ITA-I] MEENAKSHI SINGH, Dy. Secy. Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.