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The Central Government notifies the National Farmers Welfare Program Implementation Society for income tax exemption under section 10 clause 46 of the Income-tax Act 1961. The society receives the exemption for government grants, miscellaneous receipts, and interest on deposits. The society must not engage in any commercial activity. The activities and nature of the specified income must remain unchanged throughout the financial years. The society files a return of income under section 139 sub-section 4C clause g. The notification applies retrospectively for Assessment Year 2022-2023 and prospectively for Assessment Years 2023-2024 to 2026-2027.
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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:
[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.
