Introduction: Notification No. 41/2024-Income Tax, dated 24th April 2024, issued by the Ministry of Finance under the Income Tax Act, 1961, holds significance for Kerala Autorickshaw Workers Welfare Fund Scheme in Kollam. This notification, under sub-section 46 of section 10, brings attention to the specified incomes relevant to the scheme, including grants, contributions, and registration fees.
The Notification No. 41/2024-Income Tax serves to provide legal recognition and tax implications for the Kerala Autorickshaw Workers Welfare Fund Scheme, Kollam. By delineating specified incomes and conditions for eligibility, it establishes a framework for regulatory compliance and financial transparency. Stakeholders involved in the administration and operation of the scheme must adhere to the stipulations outlined in the notification to ensure seamless functioning within the ambit of income tax regulations.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 41/2024-Income Tax | Dated: 24th April, 2024
S.O. 1777(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, ‘Kerala Autorickshaw Workers Welfare Fund Scheme, Kollam’ (PAN:AAATK3080E), a Board constituted by the Government of Kerala, in respect of the following specified income arising to the said Authority, namely:-
(a) Grant received from State Government of Kerala.
(b) Contribution received from the workers registered as members in the Scheme.
(c) Contribution received from self-employed persons and employers for workers, registering as members of the Scheme.
(d) Registration fee.
(e) Interest earned on bank deposits.
2. This notification shall be effective subject to the conditions that Kerala Autorickshaw Workers Welfare Fund Scheme, Kollam,-
(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 applied for assessment years 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029 relevant for the financial years 2023-24, 2024-2025, 2025-2026, 2026-2027 and 2027-2028 respectively.
[Notification No. 41/2024, F.No.300196/44/2019-ITA-I]
VIKAS SINGH, Director (ITA-I)
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
