The Ministry of Finance, Department of Revenue, has recently issued Notification No. 44/2023 on June 23, 2023. This notification grants approval to ‘M/s Patanjali Yog Peeth Nyas, Delhi’ for its university unit ‘University of Patanjali’ located in Haridwar. The approval is granted under the category of ‘University, College, or Other Institution’ for conducting research in the field of ‘Social Science or Statistical Research.’ The notification is issued in accordance with the powers conferred by clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961, and the relevant rules.
Analysis:
1. Scope of Approval: The notification approves the ‘University of Patanjali’ specifically for conducting research in the field of ‘Social Science or Statistical Research.’ This implies that the university unit is eligible for availing tax benefits and exemptions under clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961.
2. Applicability: The notification is applicable from the date of its publication in the Official Gazette, which is the previous year 2023-24. It will remain in effect for the assessment years 2024-2025 to 2028-2029. This implies that the ‘University of Patanjali’ can claim the prescribed tax benefits for the specified period.
3. Retrospective Effect: The explanatory memorandum accompanying the notification certifies that no person is adversely affected by granting retrospective effect to this notification. This suggests that the approval does not impose any negative consequences on any party or entity.
Conclusion: The Ministry of Finance’s recent notification, No. 44/2023, approves the ‘University of Patanjali’ for conducting research in ‘Social Science or Statistical Research.’ The notification grants the university unit eligibility for tax benefits and exemptions under section 35 of the Income-tax Act, 1961. The approval is applicable from the previous year 2023-24, covering the assessment years 2024-2025 to 2028-2029. The notification has been issued with retrospective effect without any adverse impact on any individual or entity.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 44 /2023-Income Tax | Dated: 23rd June, 2023
S.O. 2762(E).—In exercise of the powers conferred by clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) read with Rules 5C and 5E of the Income-tax Rules, 1962, the Central Government hereby approves ‘M/s Patanjali Yog Peeth Nyas, Delhi (PAN: AABTP0560H) for its university unit ‘University of Patanjali’, Haridwar’ under the category of ‘University, College or Other Institution’ for research in ‘Social Science or Statistical Research’ for the purposes of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962.
2. This Notification shall apply with effect from the date of publication in the Official Gazette (i.e. from the Previous Year 2023-24) and accordingly shall be applicable for Assessment Years 2024-2025 to 2028-2029.
[Notification No. 44 /2023/F. No. 203/08/2022/ITA-II]
CASTRO JAYAPRAKASH. T, Under Secy.
Explanatory Memorandum: It is certified that no person is being adversely affected by granting retrospective effect to this notification.
