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

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-