The Central Board of Direct Taxes (CBDT) on January 08, 2024, issued a notification for ‘Punjab State Faculty of Ayurvedic and Unani Systems of Medicine’ (PAN: AAALT1669E), a body constituted by the Punjab Government.
The following are the specified income arising to the Company namely:
• Fees, by whatever name called;
• Maintenance Fund receipts; and
• Interest earned on bank deposits.
This notification shall be effective subject to the conditions that the Punjab State Faculty of Ayurvedic and Unani Systems of Medicine, SAS Nagar, Punjab namely:
• 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 a 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 to the financial years 2019-2020, 2020-2021, 2021-2022 and 2022-2023 respectively.
[Notification No S.O. 91(E)]
