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Date: 02-Jan-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under clause (46) of section 10 of the Income tax Act 1961 in case of Madhya Pradesh Professional Examination Board

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 the specified income of the Madhya Pradesh Professional Examination Board (MPPEB), Bhopal from income tax under Section 10(46) of the Income-tax Act, 1961.
  • The exemption applies to income arising from examination fees and sale of application forms, as well as interest earned on bank deposits.
  • The notification is effective retrospectively for the assessment year 2023-2024, relevant to the financial year 2022-2023.

Key Changes

  • The Central Government notifies the Madhya Pradesh Professional Examination Board, Bhopal (PAN- AAAGP1792B) for income tax exemption under Section 10(46) of the Income-tax Act, 1961.
  • The exemption covers income from examination fees, sale of application forms, and interest earned on bank deposits.
  • The notification is subject to the conditions that MPPEB does not engage in any commercial activity, the nature of the specified income remains unchanged, and the board files its income tax return as per Section 139(4C)(g) of the Income-tax Act, 1961.
  • The notification applies retroactively to the assessment year 2023-2024, which is relevant to the financial year 2022-2023.

Impact Analysis

Madhya Pradesh Professional Examination Board (MPPEB)

  • Action Item: Ensure compliance with the conditions specified in the notification, including refraining from commercial activities, maintaining the nature of income, and filing income tax returns as per the provisions of Section 139(4C)(g) of the Income-tax Act, 1961.

Government of Madhya Pradesh

  • Action Item: Monitor MPPEB's compliance with the conditions of the notification.

Tax Authorities (Central Board of Direct Taxes)

  • Action Item: Ensure that MPPEB complies with the conditions specified in the notification and that the exemption is applied correctly.

Students and Candidates

  • Indirect Positive Impact: The tax exemption for MPPEB could potentially lead to more efficient management of the board's finances, which could indirectly benefit students and candidates through stable or reduced examination fees in the long term.

Key Entities Referenced

Madhya Pradesh Professional Examination Board (MPPEB), Bhopal: A board constituted by the Madhya Pradesh Government responsible for conducting professional examinations. PAN: AAAGP1792B Central Board of Direct Taxes (CBDT): The apex body in the Ministry of Finance responsible for direct tax administration in India. 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.
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.-02012024-251088 CG-DxLx-xEG-I0D2H0x1x2x0 24-251088 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY सं. 37] नई दिल्ली, मगं लिार, िनिरी 2, 2024/पौर्ष 12, 1945 No. 37] NEW DELHI, TUESDAY, JANUARY 2, 2024/PAUSHA 12, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 2 िनिरी, 2024 का.आ. 42(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करत े हुए, केन्द्द्र सरकार एतिद्वारा, मध्य प्रिेि व्यािसाजयक परीक्षा बोडड, भोपाल (पनै ः- AAAGP1792B), मध्य प्रिेि सरकार द्वारा संस्ट्थाजपत एक बोडड, उस बोडड को उद्भूत होने िाली जनम्नजलजखत जिजनर्िडष्ट आय के संबंध में उि खंड के प्रयोिनाथड अजधसूजचत करती ह,ै अथाडत्:- (क) परीक्षा की फीस एिं आिेिन फामड की जबक्री; और (ख) बैंक खातों और बैंक िमाओं पर अर्िडत ब्याि। 2. यह अजधसूचना इन ितों के अध्यधीन प्रभािी होगी दक मध्य प्रिेि व्यािसाजयक परीक्षा बोडड, भोपाल:- (क) दकसी व्यािसाजयक कायडकलाप में िाजमल नहीं होगा; (ख) जित्तीय िर्षों के िौरान कायडकलाप तथा जिजनर्िडष्ट आय की प्रकृजत अपररिर्तडत रहगें ी; और (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4ग) के खंड (छ) के प्रािधान के अनुसार आयकर जििरणी फाइल करेगा। 74 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 3. यह अजधसूचना जनधाडरण िर्षड 2023-2024 के जलए लागू मानी िाएगी तथा जित्तीय िर्षड 2022-2023 के जलए संगत होगी। [अजधसूचना सं. 3/2024/फा. सं. 300196/29/2022-आईटीए-I] जिकास ससंह, जनिेिक (आईटीए-I) व्याख्यात्मक ज्ञापन यह प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को भूतलक्षी प्रभाि िेने 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 2nd January, 2024 S.O. 42(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, Madhya Pradesh Professional Examination Board, Bhopal (PAN- AAAGP1792B), a Board constituted by the Madhya Pradesh Government, in respect of the following specified income arising to that body, namely: a) Fees of Examination & Sale of Application Form; and b) Interest earned on bank deposits. 2. This notification shall be effective subject to the conditions that Madhya Pradesh Professional Examination Board, Bhopal:- (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 2023-2024 relevant to the financial year 2022-2023. [Notification No. 3/2024/ F. No. 300196/29/2022-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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