Exemption from specified income U/s 10(46) of IT Act 1961 – ‘Punjab Skill Development Mission Society, Chandigarh’ - 94/2024 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 94/2024 New Delhi, the 24th July, 2024 S.O. 2933(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, Punjab Skill Development Mission Society, Chandigarh (PAN: AAAAE8085G), a Society constituted by Government of Punjab, in respect of the following specified income arising to the said Society, as follows: (a) Grants and contributions received from Central Government, State Government of Punjab, and other Government institutions. (b) CSR funds received from companies/firms. (c) Levy of service charges or administrative charges for the schemes/projects. (d) Interest on bank deposits. 2. This notification shall be effective subject to the conditions that Punjab Skill Development Mission Society, Chandigarh (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. 3. 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. [F.No.300196/68/2018-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.