Home India Ministry of Finance Notification under clause (46) of section 10 of Income tax A...
Date: 05-Jan-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under clause (46) of section 10 of Income tax Act 1961 in case of Haryana State Board of Technical Education

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification grants an exemption under Section 10(46) of the Income-tax Act, 1961 to the 'Haryana State Board of Technical Education, Panchkula' concerning specific incomes. This essentially means that certain incomes earned by the Board will not be subject to income tax.

Key Changes

  • The Central Government notifies the 'Haryana State Board of Technical Education, Panchkula' for exemption under Section 10(46) of the Income-tax Act, 1961.
  • The exemption applies to specific incomes of the board, including: grants from Central and Haryana governments; fees like affiliation, examination, migration, and transcription fees; royalties and charges including penalties; bequests, donations, endowments, or other contributions; income from the sale of securities, rents, and profits from property vested in the board; and interest earned on bank deposits.
  • The exemption is conditional upon the board not engaging in any commercial activity, maintaining the unchanged nature of its activities and specified income, and filing income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.
  • The notification is retrospectively applicable to assessment years 2022-2023 and 2023-2024, which are relevant to the financial years 2021-2022 and 2022-2023 respectively.

Impact Analysis

Haryana State Board of Technical Education, Panchkula

  • Reporting: The Board is required to file income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.

Central Government

  • Policy Support: This notification reflects the government's policy to support technical education by providing financial relief to educational institutions.

State Government of Haryana

  • Oversight: The State Government may need to monitor the board's activities to ensure compliance with the no-commercial-activity clause.

Students and Stakeholders of the Board

  • No Direct Impact: The notification does not directly impact students or other stakeholders but could indirectly benefit them through improved educational services.

Key Entities Referenced

Haryana State Board of Technical Education, Panchkula: A Board constituted by the Government of Haryana responsible for technical education in the state. (PAN: AAAGT0008A) Central Government: The Union Government of India, specifically the Ministry of Finance (Department of Revenue) and the Central Board of Direct Taxes (CBDT). Income-tax Act, 1961: The primary legislation governing income tax in India. Section 10(46) provides for exemptions to specified entities.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-05012024-251173 CG-DxLx-xEG-I0D5H0x1x2x0 24-251173 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 77] नई दिल्ली, िदी िार, िनिरी 5, 2024/पौष 15, 1945 No. 77] NEW DELHI, FRIDAY, JANUARY 5, 2024/PAUSHA 15, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 5 िनिरी, 2024 का.आ. 83(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खडं (46) द्वारा प्रित् त िजतियय का प्रयोग करत े हुए, केन्‍द द्र सरकार, “हररयाणा राज्य तकनीकी जिक्षा बोड,ड पंचकूला” (पैन: AAAGT0008A), हररयाणा सरकार द्वारा संस्ट् थाजपत एक बोडड, उस बोडड को उद्भतू होन े िाली जनम्न जलजखत जिजन्ि्‍ड आय के संबंध म ें उ्‍त खंड के प्रयोिनाथड अजधसूजचत करती ह,ै अथाडत:्- (क) केंद्र सरकार और हररयाणा राज्य सरकार स ेप्रा्‍ त अनदिान, िान और अंििान; (ख) िदल् क िैस ेसंब्धतता िल्द क, परीक्षा िदल् क, प्रििन िल्द क, जल्‍ यंकन िल्द क आदि; (ग) िमद ाडना सजहत रायल् ी और िल्द क ; (घ) िसीयत, िान और अक्षयजनजध या अन्‍द य अंििान; (ङ) दकन्‍द हीं प्रजतभूजतय की जबी ी से आय और हररयाणा राज्य तकनीकी जिक्षा बोडड की संपजत्त से दकराया और लाभ; और (च) बैंक िमा पर अर्ि तड ब् याि। 149 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 2. यह अजधसूचना इन ितों के अध् यधीन प्रभािी होगी दक हररयाणा राज्य तकनीकी जिक्षा बोडड, पंचकदला:- (क) दकसी व् यािसाजयक कायडकलाप म ेंिाजमल नहीं होगा; (ख) जित् तीय िषों के िौरान कायडकलाप तथा जिजन्ि्‍ड आय की प्रकतजत अपररिर्तडत रहगें ी; और (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4ग) के खंड (छ) के प्रािधान के अनदसार आयकर जििरणी फाइल करेगा। 3. यह अजधसूचना जनधारड ण िषड 2022-2023 और 2023-2024 के जलए लागू मानी िाएगी तथा ी मिः जित् तीय िष ड 2021-2022 और 2022-2023 के जलए संगत होगी। [अजधसूचना स.ं 8/2024 फा. स.ं 300196/37/2021-आई ीए -I] जिकास ससंह, जनिेिक, (आई ीए-I) व्य ाख्य ात्म क ्ापन यह प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को भूतलक्षी प्रभाि िेन े से दकसी व् यजतिय पर प्रजतकूल प्रभाि नहीं प़ रहा ह।ै MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th January, 2024 S.O. 83(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, ‘Haryana State Board of Technical Education, Panchkula’ (PAN: AAAGT0008A), a Board constituted by Government of Haryana, in respect of the following specified income arising to the said Board, as follows: (a) Grants, Assignments and Contributions received from the Central Government and the State Government of Haryana; (b) Fees, such as Affiliation Fees, Examination Fees, Migration Fees, Transcription Fees, etc.; (c) Royalties and charges including penalties; (d) Bequests, donations and endowments or other contributions; (e) Sale proceeds of any securities and Rents and profits from property vested in Haryana State Board of Technical Education; and (f) Interest earned on bank deposits. 2. This notification shall be effective subject to the conditions that Haryana State Board of Technical Education, Panchkula – (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 2022-2023 and 2023-2024 relevant for the financial years 2021-2022 and 2022-2023 respectively. [Notification No. 8 /2024 F. No. 300196/37/2021-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. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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