Exemption from specified income U/s 10(46) – 'Madhya Pradesh Professional Examination Board, Bhopal' notified - 03/2021 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 03/2024 New Delhi, the 2nd January, 2024 S.O. 42(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, Madhya Pradesh Professional Examination Board, Bhopal (PAN- AAAGP1792B), a Board constituted by the Madhya Pradesh Government, in respect of the following specified income arising to that body, namely: a) Fees of Examination Sale of Application Form; and b) Interest earned on bank deposits. 2. This notification shall be effective subject to the conditions that Madhya Pradesh Professional Examination Board, Bhopal:- (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 2023-2024 relevant to the financial year 2022-2023. [F. No. 300196/29/2022-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.