The Ministry of Finance, through the Central Board of Direct Taxes, issued a notification on September 2, 2025, granting a tax exemption to the Maharashtra State Pharmacy Council under Section 10(46) of the Income-tax Act, 1961. The exemption applies to two specific income types: Fees and Subscriptions and Interest Income. This notification is effective for the financial years from 2018-19 to 2022-23, corresponding to the assessment years 2019-20 to 2023-24. The council must meet three conditions to qualify for and maintain this exemption: it must not engage in any commercial activity, the nature of its specified income and activities must remain constant, and it must file its return of income as per the provisions of the Income-tax Act. The notification includes an explanatory memorandum confirming that the retrospective application does not adversely affect any individual.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 144/2025-Income Tax | Dated: 2nd September, 2025
S.O. 4010(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Maharashtra State Pharmacy Council’ (PAN: AAHAM7600C), a body constituted by the Government of Maharashtra, in respect of the following specified income arising to that Council, namely:-
(a) Fees and Subscriptions.
(b) Interest Income
2. This notification shall be effective subject to the conditions that Maharashtra State Pharmacy Council –
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
(c) 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.
3. This notification shall be deemed to have been applied for financial years 2018-19, 2019-20, 2020-21, 2021-2022, 2022-23 relevant to assessment year 2019-20, 2020-21, 2021-2022, 2022-23, 2023-24.
[Notification No. 144 /2025/F. No. 300196/15/2019-ITA-I]
MEENAKSHI SINGH, Dy. Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
