CBDT notifies Income Tax Exemption to Punjab Nurses Registration Council u/s 10(46) [Read Notification]

The Central Board of Direct Taxes (CBDT) vide notification no. S.O. 4265(E) issued on 29th September 2023 has notified the income tax exemption to Punjab Nurses Registration Council under Section 10(46) of Income Tax Act, 1961.

The income tax exemption is available to the following income:

1. Fees from Nursing students and affiliated nursing institutions; and
2. Interest earned on funds deposited in banks including fixed deposits.

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

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

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