CBDT notified ‘Punjab State Faculty of Ayurvedic and Unani Systems of Medicine’
Notification No.11/2024 dated 8th January, 2024
Notification under section 10(46) of the Act in case of Punjab State Faculty of Ayurvedic and Unani Systems of Medicine
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 State Faculty of Ayurvedic and Unani Systems of Medicine’ (PAN: AAALT1669E), a body constituted by the Punjab Government, in respect of the following specified income arising to that body, namely:-
(a) Fees, by whatever name called;
(b) Maintenance Fund receipts; and
(c) Interest earned on bank deposits.
2. This notification shall be effective subject to the conditions that Punjab State Faculty of Ayurvedic and Unani Systems of Medicine, SAS Nagar, Punjab:-
(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 years 2020-2021, 2021-2022, 2022-2023 and 2023-2024 relevant to the financial years 2019-2020, 2020-2021, 2021-2022 and 2022-2023 respectively.