The Central Board of Direct Taxes (CBDT) on September 29, 2023, issued a notification for the purposes of National Farmers Welfare Program Implementation Society (NFWPIS) (PAN: AAAGN0886J), a society established by Central Government.
The following are the specified income arising to National Farmers Welfare Program Implementation Society (NFWPIS), namely:
• Government Grant
• Miscellaneous receipts from RTI, Tender Fee, Fines & Penalties and sale of obsolete items; and
• Interest on deposits.
This notification shall be effective subject to the conditions that ‘National Farmers Welfare Program Implementation Society’:
• Shall not engage in any commercial activity;
• Activities and the nature of the specified income shall remain unchanged throughout the financial years; and
• Shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139, which states “Return of Income” of the Income-tax Act, 1961.
This notification shall be deemed to have been applied for Assessment Year 2022-2023 relevant to financial year 2021-2022 and shall apply with respect to Assessment Years 2023-2024 to 2026-2027 relevant to the financial years 2022-2023 to 2025-2026 respectively.
[Notification No. 85 /2023]
