Notification No. 99/2024-Income Tax | Dated: 12th August, 2024 under section 10(46) of Income Tax Act, 1961 in case of West Bengal Transport Workers Social Security Scheme
The Ministry of Finance’s Central Board of Direct Taxes (CBDT) has issued Notification No. 99/2024 on August 12, 2024, granting tax exemption to the West Bengal Transport Workers’ Social Security Scheme under clause (46) of section 10 of the Income-tax Act, 1961. This notification applies to specific incomes received by the scheme, including government grants, cess under the West Bengal Motor Transport Workers’ Welfare Cess Act, 2010, registration fees paid by registered beneficiaries, and interest earned on bank deposits. The tax exemption is subject to conditions such as the scheme not engaging in any commercial activities, maintaining the specified income’s nature, and filing income returns as required under section 139(4C) of the Income-tax Act. The notification covers assessment years 2021-2022 to 2023-2024 (financial years 2020-2021 to 2022-2023) and extends to assessment years 2024-2025 and 2025-2026 (financial years 2023-2024 and 2024-2025). This exemption supports the scheme’s objective of providing social security benefits to transport workers in West Bengal without being subject to income tax on its specified income sources.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi
Notification No. 99/2024-Income Tax | Dated: 12th August, 2024
S.O. 3253(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, ‘West Bengal Transport Workers’ Social Security Scheme’ (PAN AAALW0133G), a body established by the Government of West Bengal in respect of the following specified income arising to that body, namely:
(a) Amount received in the form of Government grants;
(b) Amount received as cess under the West Bengal Motor Transport Workers’ Welfare Cess Act, 2010 (West Bengal Act V of 2010) and rules framed thereunder;
(c) Amount received as registration fees paid by the registered beneficiaries; and
(d) Interest earned on bank deposits.
2. This notification shall be effective subject to the conditions that West Bengal Transport Workers’ Social Security Scheme –
(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 deemed to have been applied for assessment years 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2020-2021, 2021-2022 and 2022-2023 and shall be applicable for assessment years 2024-2025 and 2025-2026 relevant for the financial years 2023-2024 and 2024-2025 respectively.
[F. No. 300196/19/2019-ITA-I(Pt.1)]
VIKAS SINGH, Director (ITA-I)
