THE TIME LIMIT FOR FILING CLAIMS UNDER THE TMA SCHEME HAS BEEN EXTENDED
The Director-General of Foreign Trade, in exercising the authorities provided by paragraph 2.04 of the Foreign Trade Policy 2015-2020, as revised from time to time, makes the following revision to Chapter 7(A) of the Handbook of Procedures (2015-20) with immediate effect. The following sentence is added to the end of paragraph 7A.01(d).
“Applications for repayment of such claims for the quarters ending March 31, 2020, and June 30, 2020, maybe filed until September 30, 2021′. TMA Scheme claims for the quarters ending 31.03.2020 and 30.06.2020 can be submitted until September 30, 2021.
HARYANA BUILDING AND OTHER CONSTRUCTION WORKERS WELFARE BOARD IS EXEMPT UNDER SECTION 10(46)
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961, the Central Government hereby notifies the ‘Haryana Building and Other Construction Workers Welfare Board,’ a Board constituted by the State Government of Haryana, for the purposes of the said clause, in respect of the following specified income arising to that Board, namely:
- Construction workers who are enrolled as beneficiaries with the Haryana Building and Other Construction Workers Welfare Board pay registration fees and a yearly subscription.
- The proceeds of the Building & Other Construction Workers Welfare Cess Act, 1996 (28 of 1996), including the rules enacted thereunder; and Interest income on financial investment.
The conditions for the effectiveness, that Haryana Building and Other Construction Workers Welfare Board,
a) is prohibited from engaging in any commercial activity;
(b) Throughout the financial years, the activities and type of the stated income must remain unaltered; and shall file an income tax return in line with paragraph (g) of sub-section (4C) of section 139 of the Income Tax Act, 1961.
(c) shall file the Audit report with the Return, duly reviewed by the accountant as specified in the explanation to section 288(2) of the Income-tax Act, 1961, and a certificate from the chartered accountant stating that the aforementioned conditions have been met.