Central Board of Direct Taxes (CBDT) issued notification no. 138/2025 dated 22.08.2025 to Exempt u/s 10(46) of the Income tax Act, 1961 (43 of 1961) to “Karnataka State Building & Other Construction Workers’ Welfare Board” (PAN AAALK0820C)’, a board constituted by Government of Karnataka, in respect of the following specified income arising to the said board, as follows:
(a) Grants received from the Central Government;
(b) Sums received from such other sources decided by the Central Government;
(c) Cess collected on construction cost levied u/s 3(1) of the Building and Other Construction Worders’ Welfare Cess Act, 1996;
(d) Registration fee and annual subscriptions received from the establishments; and
(e) Interest earned on bank deposits.
2. This notification shall be effective subject to the conditions that ‘Karnataka Building & Other Construction 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 provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
3. This notification shall be applicable for assessment year 2026-2027 to 2030 -2031 relevant to financial year 2025-2026 to 2029-2030.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
Share this content: