CBDT Notifies Income Tax Exemption to MSPC under Section 10(46) of the Income Tax Act,1961

CBDT Notifies Income Tax Exemption to MSPC under Section 10(46) of the Income Tax Act,1961

The Central Board of Direct Taxes (CBDT) under the Ministry of Finance has shared a notification in powers given by Section 10 (46) of the Income Tax Act, 1961. The Central Government notifies the ‘Maharashtra State Pharmacy Council’ (MSPC) for income tax exemption. It is a body established by the Government of Maharashtra.

1.The Tax Exemption applies to the following specified income arising to Maharashtra State Pharmacy Council:

Subscriptions and Fees
Interest Income

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2.This notification will only be made effective if the Maharashtra State Pharmacy Council fulfils the following conditions:

It Will not engage in any commercial activity.
Activities and the nature of the specified income will remain unchanged throughout the financial years and
It Will file a return of income in accordance with the provision of Section 139 (4C) clause (g) of the Income Tax Act, 1961.

3. This notification will be implemented to following financial years: 2018-2019, 2019-2020, 2020-2021, 2021-2022, and 2022-23 relevant to assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023, and 2023-2024.

To know complete details refer the notification-