Income Tax Exemption for SAMEER Mumbai · 96/2024
CBDT notification 96/2024 · 24 Jul 2024
Official title
notification no. 96/2024 f.no. 300196/34/2017 ita i / so 2935 e
Official record
Open source pageSummary
Check the official recordWhat changed
The Central Government notifies the Society for Applied Microwave Electronics Engineering & Research (SAMEER), Mumbai, for income tax exemption under section 10(46) of the Income-tax Act, 1961. This exemption applies to specified income including government grants, consultancy fees, design charges, royalty revenue, miscellaneous income, and bank interest. The exemption applies to Assessment Years 2021-2022 through 2025-2026. The society must not engage in commercial activity. The nature of its activities and income must remain unchanged. The society must file a return of income under section 139(4C)(g) of the Act.
What you must do
- File return of income
Key dates
- Notification date
- 24 Jul 2024
Who is affected
Document text
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th July, 2024
S.O. 2935 (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, ‘Society for Applied Microwave Electronics Engineering & Research (SAMEER), Mumbai’ (PAN: : AALAS5825K), a Society constituted by Central Government, in respect of the following specified income arising to the said Society, as follows:
a) Grants received from Ministry of Electronics and Information Technology b) Fees received from test measurement and consultancy services. c) Design and development charges for systems/subsystems in RF/Microwave and allied areas. d) Revenue from Royalty and transfer of technology. e) Miscellaneous income as per Memorandum of Association of the SAMEER. f) Interest on bank deposits.
- This notification shall be effective subject to the conditions that ‘Society for Applied Microwave Electronics Engineering & Research (SAMEER), Mumbai’ –
- (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.
- 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. 96/2024 F.No.300196/34/2017-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.
Source details
- Source
- Central Board of Direct Taxes / Income Tax Department
- Type
- notification
- Published by source
- 24 Jul 2024
- Document number
- 96/2024
- Issuing division
- Central Board of Direct Taxes
- Coverage area
- direct-tax