CBDT exempts Telangana Building and Other Construction Workers Welfare Board from paying Income Tax

The central government vide notification dated 13th October, 2023 has extended the exemption to income tax under section 10 of the Income-tax Act, 1961 available to non profit organizations to the Telangana Building and Other Construction Workers Welfare Board subject to the fulfilment of the following conditions, namely:-

1. Shall not engage in any commercial activity;
2. Activities and the nature of the specified income shall remain unchanged throughout the financial year; and
3. 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.

This notification shall be deemed to have been applied for assessment year 2023-2024 relevant to the financial year 2022-2023.