The Central Board of Direct Taxes (CBDT) on January 08, 2024, issued a notification for the purposes of the ‘Punjab State Faculty of Ayurvedic and Unani Systems of Medicine’ (PAN: AAALT1669E) a Body constituted by the Punjab Govt., in respect of the certain specified income arising to that Body.
The following are the specified income arising to the Body namely: -
• Fees, by whatever name called
• Maintenance Fund receipts
• Interest earned on bank deposits
This notification shall be effective subject to the conditions that Punjab State Faculty of Ayurvedic and Unani Systems of Medicine namely: -
• Shall not engage in any commercial activity
• Activities and the nature of the specified income shall remain unchanged throughout the financial years
• 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.
This notification shall be deemed to have been applied for assessment years 2020-2021, 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2019-2020, 2020-2021, 2021-2022 and 2022-2023 respectively.
[Notification No. 91(E)]
