CBDT notifies Punjab Nurses Registration Council for Exemption u/s 10(46) of IT Act

The Central Board of Direct Taxes(CBDT) has notified the Punjab Nurses Registration Council for Exemption u/s 10(46) of IT Act via issuing Notification.

The Notification stated, “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 Nurses Registration Council’ (PAN: AAABR0094H), a council constituted by the Government of Punjab, in respect of the income arising to the Council.”

The following income arising to the Council:-

(a) Fees from Nursing students and affiliated nursing institutions; and
(b) Interest earned on funds deposited in banks including fixed deposits.

The provisions of this notification shall be effective subject to the conditions that Punjab Nurses Registration Council –

(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income remain unchanged throughout the financial years; and
(c) shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

This notification shall be deemed to have been applied for assessment years 2022-2023 and 2023-2024 relevant for the financial years 2021-2022 and 2022-2023 respectively.

For Official Notification Download PDF Given Below: