Home› India› Ministry of Finance› Notification under clause 46 of section 10 of the Income tax...
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

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 'National Farmers Welfare Program Implementation Society' on specific incomes under Section 10(46) of the Income-tax Act, 1961.

Key Changes

  • The Central Government notifies that the specified income of the 'National Farmers Welfare Program Implementation Society' (PAN: AAAGN0886J) will be exempt from income tax.
  • Specified incomes include: Government Grants; Miscellaneous receipts from RTI, Tender Fee, Fines & Penalties, and sale of obsolete items; Interest on deposits.
  • The exemption is conditional upon the society not engaging in any commercial activity and maintaining the nature of its activities and specified income throughout the financial years.
  • The society is required to file income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.
  • The notification is applied retrospectively from Assessment Year 2022-2023 (relevant to Financial Year 2021-2022) and will apply from Assessment Year 2023-2024 to 2026-2027 (relevant to Financial Years 2022-2023 to 2025-2026 respectively).

Impact Analysis

Impact on National Farmers Welfare Program Implementation Society

  • Compliance Requirement: The society's activities and the nature of the specified income should remain unchanged throughout the financial years.

Impact on Government

  • Policy Support: This notification supports the government's policy of promoting farmer welfare through the 'National Farmers Welfare Program Implementation Society'.

Suggested Action Items

  • The society should maintain detailed records of all income and expenses to facilitate tax return filing and audits.

Key Entities Referenced

National Farmers Welfare Program Implementation Society: A society established by the Central Government (PAN: AAAGN0886J) focused on implementing farmer welfare programs. Income-tax Act, 1961: The primary legislation governing income tax in India. Section 10(46) provides for the exemption of specified income of certain entities. Central Board of Direct Taxes (CBDT): A part of the Department of Revenue in the Ministry of Finance. It is responsible for the administration of direct tax laws through the Income Tax Department.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-29092023-249061 xxxGIDHxxx CG-DLxx-xEG-I2D9E0x9x2x0 23-249061 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 4111] नई दिल्ली, िुक्रिार, जसतम्ब र 29, 2023/आज‍ि न 7 , 1945 No. 4111] NEW DELHI, FRIDAY, SEPTEMBER 29, 2023/ASVINA 7, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 29 जसतम्ब र, 2023 का.आ. 4282(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करते हुए, केंद्रीय सरकार उि खंड के प्रयोिनार्ड, ‘नेिनल फामडसड िेलफेयर प्रोग्राम इंप्लीमेंटेिन सोसाइटी’, (PAN AAAGN0886J), केंद्र सरकार द्वारा स्ट्र्ाजपत एक सोसाइटी, को उस सोसाइटी को उद्भूत होने िाली जनम्नजलजखत जिजनर्िष्टड आय के संबंध में अजधसूजचत करती ह,ै अर्ाडतः (क) सरकारी अनुिान; (ख) आरटीआई, जनजििा िल्ु क, अर्िड ंड एि ंिाजस्ट्त और अप्रचजलत िस्ट्तुओं की जबक्री से जिजिध प्राजियां; और (ग) िमा पर ब्याि। 2. यह अजधसूचना जनम्न के अध्यधीन प्रभािी होगी दक ‘निे नल फामडसड िेलफेयर प्रोग्राम इंप्लीमेंटेिन सोसाइटी‘ – (क) दकसी िाजणजययक कायडकलाप में िाजमल नहीं होगी; (ख) कायडकलापों और जिजिष्ट आय की प्रकृजत समस्ट्त जित्तीय िर्षों के िौरान अपररिर्ततड रहगे ी; और 6198 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 जनधाडरण िर्षड 2022-2023 के संबंध में लागू मानी िाएगी और जित्तीय िर्षड 2021-2022 के जलए सगं त होगी तर्ा जनधाडरण िर्षड 2023-2024 से 2026-2027 स े लागू होगी और क्रमिः जित्तीय िर्षड 2022-2023 से 2025-2026 के जलए सगं त होगी। [अजधसूचना सं. 85/2023 फा. सं. 300196/20/2022-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 29th September, 2023 S.O. 4282(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, ‘National Farmers Welfare Program Implementation Society’, (PAN: AAAGN0886J), a society established by Central Government, in respect of the following specified income arising to that Society, namely: (a) Government Grant (b) Miscellaneous receipts from RTI, Tender Fee, Fines & Penalties and sale of obsolete items; and (c) Interest on deposits. 2. This notification shall be effective subject to the conditions that ‘National Farmers Welfare Program Implementation Society’,- (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 Year 2022-2023 relevant to financial year 2021-2022 and shall apply with respect to Assessment Years 2023-2024 to 2026-2027 relevant to the financial years 2022-2023 to 2025-2026 respectively. [Notification No. 85 /2023 F.No.300196/20/2022-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