Exemption from specified income U/s 10(46) – Notifies ‘National Farmers Welfare Program Implementation Society’ - 85/2023 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 85/2023 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: (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. [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.