The CBDT has issued Notifications No. 44/2026 and 41/2026 dated March 30, 2026 under the Income-tax Act, 1961, granting tax-related recognition and exemptions to certain statutory boards in furtherance of public welfare and industrial development objectives.
Under Notification No. 44/2026, the Chandigarh Building and Other Construction Workers Welfare Board has been granted exemption under section 10(46) in respect of specified income, including cess collections, beneficiary contributions, and interest on bank deposits. The exemption is subject to conditions such as non-engagement in commercial activities and compliance with return filing requirements. The notification applies retrospectively from Assessment Years 2024-25 and 2025-26 and will remain applicable up to Assessment Year 2028-29.
Further, under Notification No. 41/2026, the Karnataka Industrial Areas Development Board (KIADB) has been notified under section 10(46A) of the Act. The notification is effective from Assessment Year 2024-25 onwards, subject to the condition that the Board continues to function in accordance with its statutory objectives under the Karnataka Industrial Areas Development Act, 1966.
Both notifications clarify that their retrospective effect will not adversely impact any taxpayer, thereby ensuring certainty and continuity in the tax treatment of these statutory bodies.
The Notifications can be accessed at: https://a2ztaxcorp.net/wp-content/uploads/2026/03/CBDT-NN-41-44.pdf
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