Introduction: The Ministry of Finance, under its Department of Revenue and the Central Board of Direct Taxes, has announced Notification No. 69/2023, dated 23rd August 2023. This sheds light on the specific income related to the Swasthya Sathi Samiti, a body set up by the Government of West Bengal.
Detailed Analysis:
1. Powers and Overview: As per the authority vested by clause (46) of section 10 of the Income-tax Act, 1961, the Central Government provides this notification, focusing on the Swasthya Sathi Samiti’s specific income.
2. Specified Income for Swasthya Sathi Samiti: The incomes highlighted in this notification are:
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- Grants received from the Government of West Bengal.
- Interest income obtained from bank sources.
3. Conditions of Effectiveness: The provisions mentioned in the notification will apply if Swasthya Sathi Samiti, Kolkata:
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- Does not engage in commercial undertakings.
- Maintains consistency in its activities and the nature of the aforementioned income during the financial years.
- Files an income return adhering to the protocols outlined in the Income-tax Act, 1961.
4. Period of Applicability: While this notification’s provisions have a retrospective effect for the Assessment Year 2022-2023 (linked to the financial year 2021-2022), they will also extend to the Assessment Years from 2023-2024 through 2026-2027, corresponding to the financial years 2022-2023 to 2025-2026.
Conclusion: Notification No. 69/2023 provides a detailed account of the specified incomes concerning Swasthya Sathi Samiti, along with the conditions for its application and the relevant assessment years. The retrospective application solidifies the government’s approach in ensuring consistent financial and taxation procedures, and this transparency aids all the concerned stakeholders in understanding and compliance.
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Ministry of Finance
(Department of Revenue)
(Central Board of Direct Taxes)
Notification No. 69/2023-Income Tax | Dated: 23rd August, 2023
S.O. 3783(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, ‘Swasthya Sathi Samiti’, Kolkata(PAN: AAQAS4322J), a body established by Government of West Bengal, in respect of the following specified income arising to that Body, namely:
(a) Grant received from the Government of West Bengal; and
(b) Interest income received from bank.
2. This notification shall be effective subject to the conditions that Swasthya Sathi Samiti, Kolkata,-
(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 Assessment Year 2022-2023 relevant to financial year 2021-2022 and shall apply with respect to Assessment Years 2023-2024 to 2026-2027 relevant to the financial years 2022-2023 to 2025-2026 respectively.
[Notification No. 69/2023/ F. No. 300196/36/2021-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.
