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Date: 29-Sep-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

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Executive Summary & Key Takeaways

What it means

  • The notification issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, exempts specific income of the 'Punjab Nurses Registration Council' from income tax under Section 10(46) of the Income-tax Act, 1961.
  • The exemption applies to income arising from fees collected from nursing students and affiliated nursing institutions, as well as interest earned on funds deposited in banks, including fixed deposits.

Key Changes

  • The notification grants income tax exemption to the Punjab Nurses Registration Council (PAN: AAABR0094H) on income from nursing student fees and interest on bank deposits.
  • The exemption is conditional upon the council not engaging in any commercial activity, maintaining the same nature of activities and specified income throughout the financial years, and filing income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.
  • The notification is effective retrospectively for assessment years 2022-2023 and 2023-2024, corresponding to financial years 2021-2022 and 2022-2023 respectively.

Impact Analysis

Punjab Nurses Registration Council

  • Action Item: Review current activities to ensure compliance with the 'no commercial activity' clause. Implement processes for timely filing of income tax returns as per Section 139(4C)(g).

Nursing Students and Affiliated Institutions

  • Action Item: Monitor any potential changes or improvements in services provided by the Punjab Nurses Registration Council.

Government (Tax Revenue)

  • Action Item: Evaluate the effectiveness of the tax exemption in achieving its intended policy objectives.

Key Entities Referenced

Punjab Nurses Registration Council: A council constituted by the Government of Punjab (PAN: AAABR0094H) responsible for nursing registration and related activities. Income-tax Act, 1961: The primary legislation governing income tax in India. Section 10(46) provides for the exemption of 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 tax laws through the Income Tax Department.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-29092023-249059 xxxGIDHxxx CG-DLxx-xEG-I2D9E0x9x2x0 23-249059 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 4094] नई दिल्ली, िुक्रिार, जसतम्ब र 29, 2023/आज‍ि न 7 , 1945 No. 4094] NEW DELHI, FRIDAY, SEPTEMBER 29, 2023/ASVINA 7, 1945 जित्त मंत्रालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 29 जसतम्बर, 2023 का.आ. 4265(अ).—केंद्र सरकार, आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करते हुए, ‘पंिाब नर्सडस रजिस्ट्रेिन कांउजसल’ (पैन AAABR0094H), पंिाब सरकार द्वारा गठित एक पठरषि, उस पठरषि को उद्भूत होन े िाली जनम्नजलजखत जिजनर्िष्टड आय के संबंध म,ें उि खंड के प्रयोिनार्ड अजधसूजचत करती ह,ै अर्ाडत:् - (क) नर्सिंग छात्र एिं मान्यता प्राप्त नर्सिंग संस्ट्र्ानों से िल्ु क; और (ख) बैंक में सािजध िमा सजहत िमा की गई जनजध पर अर्िडत ब्याि। 2. यह अजधसूचना जनम्नजलजखत के अध्यधीन प्रभािी होगी दक पंिाब नर्सडस रजिस्ट्रेिन कांउजसल: - (क) दकसी व्यािसाजयक गजतजिजध म ेंिाजमल नहीं होगी; (ख) जित्तीय िषों के िौरान गजतजिजधयों और जिजनर्िष्टड आय की प्रकृजत अपठरिर्तडत रहगे ी; तर्ा 6177 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 फाईल करेगी। 3. यह अजधसूचना जनधाडरण िष ड 2022-2023 और 2023-2024 के जलए लाग ू मानी िाएगी, िो क्रमि: जित्तीय िषों 2021-2022 और 2022-2023 के जलए संगत ह।ै [अजधसूचना स.ं 84 /2023 फा.स.ं 300196/10/2022-आईटीए-I] जिकास ससंह, जनिेिक (आईटीए-I) स्ट्पष्टीकरण ज्ञापन यह प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को पूिडव्यापी प्रभाि िेन े स े दकसी व्यजि पर प्रजतकूल प्रभाि नहीं पड़ रहा ह।ै MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th September, 2023 S.O. 4265(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 Nurses Registration Council’ (PAN: AAABR0094H), a council constituted by the Government of Punjab, in respect of the following income arising to the Council, namely:- (a) Fees from Nursing students and affiliated nursing institutions; and (b) Interest earned on funds deposited in banks including fixed deposits. 2. The provisions of this notification shall be effective subject to the conditions that Punjab Nurses Registration Council - (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income remain unchanged throughout the financial years; and (c) shall file returns 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. 84/2023 F. No. 300196/10/2022-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.

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