The Central Board of Direct Taxes (CBDT) on August 23, 2023, issued a notification for the purposes of the Punjab Building and Other Construction Welfare Board (PAN: AAALP0698P), a Body constituted by the State Government of Punjab, in respect of the certain specified income arising to that Board.
The following are the specified income arising to the Commission namely: -
• Labour Cess collection
• Contribution collection
• Interest earned on the aforementioned points
This notification shall be effective subject to the conditions that Punjab Building and Other Construction Welfare Board namely: -
• Shall not engage in any commercial activity
• Activities and the nature of the specified income shall remain unchanged throughout the financial years
• Shall file the return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
This notification shall be deemed to have been applied for assessment years 2022-23 and 2023-24 relevant for the financial years 2021-2022 and 2022-2023 respectively.
[Notification No. 3777(E)]
