Home India Ministry of Finance Notification under clause (46) of section 10 of the Income t...
Date: 24-Nov-2023 Category: Extra Ordinary State: Union Government Country: India

Notification under clause (46) of section 10 of the Income tax Act 1961 in case of Maharashtra Council of Homoeopathy

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 'Maharashtra Council of Homoeopathy' from income tax under Section 10(46) of the Income-tax Act, 1961.
  • The exemption applies to fees received from members/doctors, fees from professional seminars/conferences, and interest earned on bank deposits.
  • The notification is effective subject to the conditions that the council does not engage in any commercial activity, the nature of activities and specified income remains unchanged throughout the financial years, and the council files its income tax return as per Section 139(4C)(g) of the Income-tax Act, 1961.
  • This notification applies to the assessment year 2023-2024, relevant to the financial year 2022-2023.

Key Changes

  • Exemption from income tax for 'Maharashtra Council of Homoeopathy' on specified income sources.
  • Specified income includes: fees from members/doctors, fees from professional seminars/conferences, and interest on bank deposits.
  • The notification is applicable retrospectively for the assessment year 2023-2024, which corresponds to the financial year 2022-2023.
  • The Maharashtra Council of Homoeopathy must adhere to specific conditions to maintain the exemption, including refraining from commercial activities and maintaining consistent income and activity nature.

Impact Analysis

Maharashtra Council of Homoeopathy

  • Action Item: The council should review its activities and income streams to ensure they align with the conditions of the notification. They should also ensure timely filing of income tax returns.

Members/Doctors of the Council

  • No Direct Action: No direct action is required from the members/doctors as a result of this notification.

Government (Central Board of Direct Taxes)

  • Action Item: The CBDT should ensure that the council adheres to the conditions specified in the notification and monitor their compliance.

Key Entities Referenced

Maharashtra Council of Homoeopathy: A body established under clause No 14 of the Maharashtra Homoeopathy Practitioners’ Act, 1960 by the Government of Maharashtra (PAN AAATM8895K). Income-tax Act, 1961: The principal legislation governing income tax in India. Section 10(46) provides for the exemption of specified income of certain bodies/authorities. Maharashtra Homoeopathy Practitioners’ Act, 1960: The state act under which the Maharashtra Council of Homoeopathy was established.
Official Source Record View Original Source →
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रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सससीीी...जजजीीी...---डडडीीी...एएएललल...---अअअ...---222444111111222000222333---222555000222444777 CCCGGG---DDDxLLLx---xEEEG---I222D444H111x111x222x000 222333---222555000222444777 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.ं 4836] नई ददल्ली, िुक्रिार, निम् बर 24, 2023/अग्रहायण 3, 1945 No. 4836] NEW DELHI, FRIDAY, NOVEMBER 24, 2023/AGRAHAYANA 3, 1945 जित्त मत्रं ालय (राजस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई ददल्ली, 24 निम् बर, 2023 का.आ. 5045(अ).—केंद्र सरकार, आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खडं (46) द्वारा प्रदत्त िजियक का प्रयोग करते एए, ‘महाराष्ट्र होम्योपैथी पररषद’ (PAN AAATM8895K), महाराष्ट्र राज्य सरकार द्वारा महाराष्ट्र होम्योपैथी जचदकत्सक अजधजनयम, 1960 के खडं सख्ं या 14 के तहत गरित एक जनकाय, उि प्राजधकरण को उद्भूत होने िाली जनम्नजलजखत जिजनर्ददष्ट आय के संबंध म,ें अजधसूजचत करती हैःै (क) सदस्ट्यक/जचदकत्सकक से प्राप्त िुल्क; (ख) व्यािसाजयक सेजमनारक और सम्मेलनक स ेप्राप्त िल्ु क; और (ग) बैंक में जमा राजि से अर्जजत ब्याज। 2. यह अजधसूचना इन ितों के अध्यधीन प्रभािी होगी दक महाराष्ट्र होम्योपैथी पररषद। (क) दकसी भी व्यािसाजयक गजतजिजध में िाजमल नहीं हकगी; (ख) गजतजिजधयां और जनर्ददष्ट आय की प्रकृजत पूरे जित्तीय िषड में अपररिर्जतत रहगें ी; और 7338 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 दाजखल करेगी। 3. यह अजधसूचना जनधाडरण िष ड 2023-2024 के जलए लाग ू मानी जाएगी जो दक जित्तीय िषड 2022-2023 के जलए प्रासंजगक ह।ै [अजधसूचना सं. 101/2023 /फा. सं. 300196/34/2022-आईटीए-I] जिकास ससह, जनदेिक (आईटीए-I) स्ट्पष्टीकरण ज्ञापन यह प्रमाजणत दकया जाता ह ै दक इस अजधसूचना को पूि ड व्यापी प्रभाि से लाग ू करन े स े दकसी भी व्यजि पर प्रजतकूल प्रभाि नहीं पडेगा। MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th November, 2023 S.O. 5045(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, ‘Maharashtra Council of Homoeopathy’ (PAN AAATM8895K), a Body established under clause No 14 of the Maharashtra Homoeopathy Practitioners’ Act, 1960 by the Government of Maharashtra, in respect of the following specified income arising to the said Authority, as follows: (a) Fees received from members/doctors; (b) Fees received from professional seminars/conferences; and (c) Interest earned on bank deposits. 2. This notification shall be effective subject to the conditions that Maharashtra Council of Homoeopathy- (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 for the financial year 2022-2023. [Notification No.101/2023/F. No. 300196/34/2022-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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