Home› India› Ministry of Finance› Notification under clause 46 of section 10 of the Income tax...
Date: 19-Oct-2023 Category: Extra Ordinary State: Union Government Country: India

Notification under clause 46 of section 10 of the Income tax Act 1961

Issued by Ministry of Finance · Department of Revenue

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • The notification grants income tax exemption to 'Punjab Dental Council, Mohali' under Section 10(46) of the Income-tax Act, 1961, for specific income categories.
  • The exemption applies to income from registration/renewal fees received from doctors and interest income on accumulated surplus in the form of Fixed Deposit Receipts (FDRs).

Key Changes

  • Exemption is granted under Section 10(46) of the Income-tax Act, 1961.
  • The exemption applies specifically to the 'Punjab Dental Council, Mohali' (PAN: AAAJP0976C).
  • The exemption is conditional upon the council not engaging in commercial activities, maintaining consistent activities and income nature, and filing income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.
  • The notification is retrospectively effective for assessment years 2022-2023 and 2023-2024, corresponding to financial years 2021-2022 and 2022-2023.
  • The exempted income includes: (a) Registration/Renewal fees from doctors, and (b) Interest on FDRs from accumulated surplus.

Impact Analysis

Punjab Dental Council, Mohali

  • Action Item: Maintain detailed records of income from registration/renewal fees and interest on FDRs to substantiate tax exemption claims.

Central Board of Direct Taxes (CBDT)

  • Action Item: Incorporate the notification into relevant guidelines and procedures for income tax assessment.

Doctors Registered with Punjab Dental Council

  • Indirect Impact: The exemption granted to the council may indirectly benefit doctors if the council uses the saved resources to improve services or reduce registration/renewal fees in the future.

General Public

  • Indirect Impact: The exemption may contribute to the effective functioning of the Punjab Dental Council, potentially leading to improved dental healthcare services in the long term.

Key Entities Referenced

Punjab Dental Council, Mohali: A Council constituted by the Government of Punjab responsible for regulating dental practices and professionals in Punjab. PAN: AAAJP0976C Income-tax Act, 1961: The primary legislation governing income tax in India. Section 10(46) provides for the exemption of specified income of certain bodies or authorities. Central Board of Direct Taxes (CBDT): A part of the Department of Revenue in the Ministry of Finance, responsible for the administration of direct taxes in India.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सससीीी...जजजीीी...---डडडीीी...एएएललल...---अअअ...---111999111000222000222333---222444999555666222 xxxGIDHxxx CCCGGG---DDDLLLxx---xEEEG---I111D999E111x000x222x000 222333---222444999555666222 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 4403] नई दिल्ली, बृहस्ट्प जतिार, अक्त बू र 19, 2023/आज‍ि न 27, 1945 No. 4403] NEW DELHI, THURSDAY, OCTOBER 19, 2023/ASVINA 27, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 19 अक्त ूबर, 2023 का. आ. 4577(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करत े हुए, केंद्रीय सरकार उि खडं के प्रयोिनार्ड, ‘पंिाब डेंटल काउंजसल, मोहाली’, (PAN AAAJP0976C), पंिाब सरकार द्वारा गठित एक पठरषि, को उद्भूत होन े िाली जनम्नजलजखत जिजनर्िष्टड आय के संबंध में अजधसूजचत करती ह,ै अर्ाडतः (क) जचदकत्सकों से प्राप्त पंिीकरणनिीनीकरण की प्राजप्तयां/; और (ख) एफडीआर के रूप में िमा हुए अजतरेक पर ब्याि। 2. यह अजधसूचना जनम्न ितों के अध्यधीन प्रभािी होगी दक ‘पंिाब डेंटल काउंजसल, मोहाली’- (क) दकसी िाजणजययक कायडकलाप में िाजमल नहीं होगी; (ख) कायडकलापों और जिजिष्ट आय की प्रकृजत समस्ट्त जित्तीय िषों के िौरान अपठरिर्ततड रहगे ी; और 6651 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4ग) के खंड (छ) के प्रािधान के अनुसार आय की जििरणी फाइल की िाएगी। 3. यह अजधसूचना जित्तीय िषों 2021-2022 तर्ा 2022-2023 से सगं त जनधारड ण िषों 2022-2023 तर्ा 2023- 2024 के जलए लाग ूमानी िाएगी । [अजधसूचना सं. 90/2023 फा. सं. 300196/11/2022-आईटीए-I] जिकास ससंह, जनिेिक (आईटीए-I) स्ट्पष्टीकरण ज्ञापन प्रमाजणत दकया िाता ह ैदक इस अजधसूचना को भतू लक्षी प्रभाि िेन े से दकसी व्यजि पर प्रजतकूल प्रभाि नहीं पड़ रहा ह।ै MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 19th October, 2023 S.O. 4577(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, ‘Punjab Dental Council, Mohali’ (PAN: AAAJP0976C), a Council constituted by the Government of Punjab, in respect of the following specified income arising to that council, namely: a) Receipt of Registration/Renewal received from Doctors b) Interest income on accumulated surplus in the shape of F.D.R.s 2. This notification shall be effective subject to the conditions that Punjab Dental Council, Mohali :- (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 to the financial years 2021-2022 and 2022-2023. [Notification No. 90/2023 F.No.300196/11/2022-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.

Continue your research

Related Documents from Ministry of Finance