Home India Ministry of Finance Notification under section 10(46) of the Income tax Act 1961...
Date: 24-Jul-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under section 10(46) of the Income tax Act 1961 in case of Punjab Skill Development Mission Society

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • This gazette notification from the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, India, exempts specific income of the Punjab Skill Development Mission Society (PSDMS) from income tax under Section 10(46) of the Income Tax Act, 1961.

Key Changes

  • The Punjab Skill Development Mission Society, Chandigarh (PAN: AAAAE8085G), a society constituted by the Government of Punjab, is granted tax exemption on the following specified income for Assessment Years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026 (relevant to financial years 2020-2021 to 2024-2025):
  • Grants and contributions from Central Government, Punjab State Government, and other Government institutions.
  • CSR funds received from companies/firms.
  • Service charges or administrative charges levied for schemes/projects.
  • Interest on bank deposits.
  • This exemption is subject to conditions: PSDMS shall not engage in commercial activities; its activities and income nature must remain unchanged throughout the financial year(s); and it must file income tax returns as per Section 139(4C)(g) of the Income Tax Act, 1961.

Impact Analysis

Impact on Punjab Skill Development Mission Society

  • Action Item: Ensure strict adherence to the conditions of the exemption to maintain tax-exempt status. Maintain meticulous records of all income and expenditures.

Impact on Government of Punjab

  • Action Item: Continue monitoring PSDMS's activities to ensure compliance with the notification's conditions.

Impact on Companies/Firms contributing CSR funds

  • No direct impact on tax liability. However, the exemption may encourage increased CSR contributions to PSDMS knowing that the funds will directly benefit skill development programs.

Impact on Central Government

  • Potential loss of tax revenue. However, this is offset by the social benefits of supporting skill development initiatives.

Key Entities Referenced

Ministry of Finance (Department of Revenue): The issuing authority of the notification. Central Board of Direct Taxes (CBDT): The body responsible for administering direct taxes in India. Punjab Skill Development Mission Society (PSDMS): A society constituted by the Government of Punjab, granted tax exemption under this notification. PAN: AAAAE8085G Government of Punjab: The entity that constituted PSDMS. Income Tax Act, 1961: The legislation under which the exemption is granted.
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.-24072024-255707 xxxGIDHxxx CG-DLxx-xEG-I2D4E0x7x2x0 24-255707 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 2796] नई दिल्ली, बुधिार, िुलाई 24, 2024/श्रािण 2, 1946 No. 2796] NEW DELHI, WEDNESDAY, JULY 24, 2024/SHRAVANA 2, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 24 िुलाई, 2024 का.आ. 2933(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करते हुए, केंद्र सरकार, एतद्द्वारा उि खंड के प्रयोिनों के जलए ‘पंिाब जस्ट्कल डिलपमेंट जमिन सोसायटी, चंडीगढ़’ (पैन: AAAAE8085G), िो पंिाब सरकार द्वारा गठित एक सोसायटी है, को उद्भूत होन े िाली जनम्नजलजखत जनर्िष्टड आय के संबंध में अजधसूजचत करती ह,ै अर्ाडत्: (क) केंद्र सरकार, पंिाब राज्य सरकार तर्ा अ्‍ य सरकारी संस्ट्र् ानों से प्रा‍ त अनिु ान तर्ा अिं िान (ख) कंपजनयों/प्रजतष्ि ानों स ेप्रा‍ त सीएसआर जनजध (ग) योिनाओं/पठरयोिनाओं के जलए सेिा िुल् क अर्िा प्रिासजनक िल्ु क की उगाही (घ) बैंक िमा पर ब्याि। 2. यह अजधसूचना उन ितों के अधीन प्रभािी होगी दक ‘पंिाब जस्ट्कल डिलपमेंट जमिन सोसायटी, चंडीगढ़’:– (क) दकसी भी व् यािसाजयक गजतजिजध में िाजमल नहह होगी; 4558 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (ख) इसकी गजतजिजधयां और जनर्िष्टड आय की प्रकृजत परू े जित्तीय िर्षों में अपठरिर्तडत रहगें ी; और (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4 ग) के खंड (छ) के प्रािधान के अनुसार आय की जििरणी िाजखल करेगी। 3. यह अजधसूचना क्रमिः जित्तीय िर्षों 2020-2021, 2021-2022, 2022-2023, 2023-2024 तर्ा 2024-2025 के जलए प्रासंजगक जनधारड ण िर्षों 2021-2022, 2022-2023, 2023-2024, 2024-2025 तर्ा 2025-2026 के जलए लाग ू मानी िाएगी। [अजधसूचना सं. 94/2024 फा.सं. 300196/68/2018-आईटीए-I] जिकास ससंह, जनिेिक (आईटीए-I) स्ट्प ष्ट ीकरण ञापन यह प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को भूतलक्षी प्रभाि िेने से दकसी भी व्यजि पर प्रजतकूल प्रभाि नहह पड़ रहा ह।ै MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th July, 2024 S.O. 2933(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 Skill Development Mission Society, Chandigarh’ (PAN: AAAAE8085G), a Society constituted by Government of Punjab, in respect of the following specified income arising to the said Society, as follows: (a) Grants and contributions received from Central Government, State Government of Punjab, and other Government institutions. (b) CSR funds received from companies/firms. (c) Levy of service charges or administrative charges for the schemes/projects. (d) Interest on bank deposits. 2. This notification shall be effective subject to the conditions that Punjab Skill Development Mission Society, Chandigarh – (a) shall not engage in any commercial activity; (b) its activities and the nature of the specified income shall remain unchanged throughout the financial year(s); 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 be applicable for Assessment Years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026 relevant for the financial years 2020-2021, 2021-2022, 2022-2023, 2023-2024 and 2024-2025. [Notification No. 94/2024 F.No.300196/68/2018-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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