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Core Purpose

Notification under clause (46) of Section 10 of the Income-tax Act, 1961 notifying the National Farmers Welfare Program Implementation Society and specifying its exempt income.

Detailed Summary

The Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, by notification S.O. 4282(E) dated 29th September 2023 (Notification No. 85/2023), exercising powers under clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), notifies the 'National Farmers Welfare Program Implementation Society' (PAN: AAAGN0886J), a society established by the Central Government, for the purposes of that clause in respect of specified income comprising Government Grant, miscellaneous receipts from RTI, Tender Fee, Fines and Penalties and sale of obsolete items, and interest on deposits. The notification is subject to conditions that the Society shall not engage in any commercial activity, that its activities and the nature of the specified income shall remain unchanged throughout the financial years, and that it shall file its return of income in accordance with clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961; it applies retrospectively from Assessment Year 2022-2023 (financial year 2021-2022) through Assessment Years 2023-2024 to 2026-2027 (financial years 2022-2023 to 2025-2026). The Explanatory Memorandum certifies that no person is adversely affected by the retrospective effect. The notification is issued under file number 300196/20/2022-ITA-I and signed by Vikas Singh, Director (ITA-I).

Full Text

6198 GI/202 3 (1) रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART II —Section 3 —Sub-section ( ii) PUBLISHED BY AUTHORITY No. 4111 ] NEW DELHI, FRIDAY , SEPTEMBER 29, 2023/ ASVINA 7, 1945 CG-DL-E-29092023-249061 MINISTRY OF FINANCE (Department of Revenue ) (CENTRAL BOARD OF DI RECT 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’, (P AN: 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 R oad, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.

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