LI Network
Published on: November 28, 2023 at 19:18 IST
The Central Board of Direct Taxes (CBDT) has officially granted income tax exemption to the Maharashtra Council of Homoeopathy.
Under section 10 (46) of the Income-tax Act, 1961, the CBDT, empowered to make such decisions, has exempted the Maharashtra Council of Homoeopathy—established under clause No. 14 of the Maharashtra Homoeopathy Practitioners’ Act, 1960 by the Maharashtra Government—from income tax.
This exemption applies to various sources of income, including fees received from members/doctors, fees from professional seminars/conferences, and interest earned on bank deposits. However, certain conditions must be met to retain this exemption.
Firstly, the council must refrain from engaging in any commercial activity. Secondly, the nature of specified income and activities must remain consistent throughout the financial years. Lastly, the council is required to file the return of income in accordance with the provisions of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
This notification is deemed applicable for the assessment year 2023-2024 and is relevant for the financial year 2022-2023.
Notification No. 101/2023