CBDT notifies Income Tax Exemption to ‘National Farmers Welfare Program Implementation Society’ u/s 10(46) [Read Notification]

The Central Board of Direct Taxes (CBDT), vide notification no. S.O. 4282(E) issued on 29th September 2023 has notified the income tax exemption to  ‘National Farmers Welfare Program Implementation Society’ under Section 10(46) of Income Tax Act, 1961.

The income tax exemption is available to the following income:

1. Government Grant
2. Miscellaneous receipts from RTI, Tender Fee, Fines & Penalties and sale of obsolete items; and
3. Interest on deposits.

Also read: CBDT introduces Changes to Income Tax Rules Pursuant to Special Audit u/s 142(2A): Inserts New Form 6D for Inventory Valuation Report

This notification shall be effective subject to the conditions that ‘National Farmers Welfare Program Implementation Society’,-

1. shall not engage in any commercial activity;
2. activities and the nature of the specified income shall remain unchanged throughout the financial years; and
3. 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 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.

Explanatory Memorandum

It is certified that no person is being adversely affected by giving retrospective effect to this notification

Also read: CBDT amends Rule 11UA: Notifies Income-tax (Twenty first Amendment) Rules, 2023

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