The Ministry of Finance, through Notification No. 96/2024, has outlined specific income details for the Society for Applied Microwave Electronics Engineering & Research (SAMEER), Mumbai, under Clause 46 of Section 10 of the Income-tax Act, 1961. This notification, effective from July 24, 2024, aims to provide clarity on the taxation aspects related to SAMEER’s diverse sources of income.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 96/2024 – Income Tax | Dated: 24th July, 2024
S.O. 2935 (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, ‘Society for Applied Microwave Electronics Engineering & Research (SAMEER), Mumbai’ (PAN: : AALAS5825K), a Society constituted by Central Government, in respect of the following specified income arising to the said Society, as follows:
a. Grants received from Ministry of Electronics and Information Technology
b. Fees received from test measurement and consultancy services.
c. Design and development charges for systems/subsystems in RF/Microwave and allied areas.
d. Revenue from Royalty and transfer of technology.
e. Miscellaneous income as per Memorandum of Association of the SAMEER.
f. Interest on bank deposits.
2. This notification shall be effective subject to the conditions that ‘Society for Applied Microwave Electronics Engineering & Research (SAMEER), Mumbai’ –
a. shall not engage in any commercial activity;
b. its activities and the nature of the specified income shall remain unchanged throughout the financial year(s); 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 be applicable for Assessment Years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026 relevant for the financial years 2020-2021, 2021-2022, 2022-2023, 2023-2024 and 2024-2025.
[Notification No. 96/2024 F.No.300196/34/2017-ITA-I]
VIKAS SINGH, Director (ITA-I)
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
