Punjab State Faculty of Ayurvedic and Unani Systems of Medicine Exempted from Income Tax u/s 10(46); Notifies CBDT [Read Notification]

The Punjab State Faculty of Ayurvedic and Unani Systems of Medicine has been granted Income Tax exemption under Section 10(46) of the Income Tax Act, 1961. This announcement has been made by the Central Board of Direct Taxes (CBDT) through notification no. S.O. 90(E) dated January 8, 2024.

The following income are exempted from income tax :

1. Fees, by whatever name called.
2. Maintenance Fund receipts.
3. Interest earned on bank deposits.

However, the notification shall be effective subject to the conditions that Punjab State Faculty of Ayurvedic and Unani Systems of Medicine:

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

To Read the full text of the Notification CLICK HERE

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