The Central Board of Direct Taxes (“CBDT”) vide Notification No. 12/2023 dated March 03, 2023 has notified Income Tax exemption to the ‘Karnataka State Building and Other Construction Workers Welfare Board’ under section 10(46) of the Income-tax Act, 1961 (“the IT Act”). The exemption shall be available in respect of cess collected on construction cost, registration fee & annual subscriptions, and interest earned on these.
The Complete Notification can be accessed at: https://egazette.nic.in/WriteReadData/2023/244108.pdf