Central Board of Direct Taxes (CBDT) issued notification no. 123/2025 dated 22.07.2025 to provide exemption u/s 10(46) of the Income tax Act, 1961 to ‘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.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
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