Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No.100/2023 dated 24th November, 2023, under the Income-tax Act, 1961. This notification extends recognition to the ‘Chhattisgarh Rajya Beej Pramanikaran Sanstha,’ highlighting specific incomes and conditions for its applicability.
Detailed Analysis:
1. Recognition of Chhattisgarh Rajya Beej Pramanikaran Sanstha: Notification No.100/2023, exercising powers under clause (46) of section 10 of the Income-tax Act, 1961, recognizes the ‘Chhattisgarh Rajya Beej Pramanikaran Sanstha’ (PAN AADAC3163E). This body, constituted by the State Government of Chhattisgarh, is acknowledged for specified incomes, including grants from Central and State Governments, application and certification fees, service charges, and interest earned on deposits.
2. Specified Incomes: The notification outlines the following incomes for the recognized body:
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- Grants received from Central and State Governments
- Money received by the way of application, certification fees, and other service charges
- Interest earned on Term/Fixed Deposits in banks and on the aforementioned incomes
3. Conditions for Applicability: To maintain recognition, Chhattisgarh Rajya Beej Pramanikaran Sanstha must adhere to specific conditions:
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- Avoid engagement in any commercial activity
- Ensure that activities and the nature of specified income remain unchanged throughout financial years
- File a return of income as per the provisions of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961
4. Retrospective Application: The notification is deemed to have been applied for assessment years 2019-2020 to 2023-2024, relevant to the financial years 2018-2019 to 2022-2023.
5. Explanatory Memorandum: The accompanying explanatory memorandum certifies that no person is adversely affected by giving retrospective effect to this notification.
Conclusion: Notification No.100/2023 by the Ministry of Finance, Central Board of Direct Taxes, signifies the recognition of the Chhattisgarh Rajya Beej Pramanikaran Sanstha under the Income-tax Act, 1961. The detailed analysis provides insights into the specified incomes, conditions for applicability, and the retrospective application of the notification. Stakeholders and concerned parties are encouraged to understand the implications of this recognition for the specified incomes and adhere to the outlined conditions for continued benefits.
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MINISTRY OF FINANCE
(Department Of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 100/2023-Income Tax | Dated: 24.11.2023
S.O. 5044(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, Chhattisgarh Rajya Beej Pramanikaran Sanstha (PAN AADAC3163E), a body constituted by the State Government of Chhattisgarh, in respect of the following specified income arising to that body, as follows:
(a) Grants received from Central and State Governments.
(b) Money received by the way of application, Certification fees and other service charges.
(c) Interest earned on Term/Fixed Deposits in the banks and on (a) to (b) above.
2. This notification shall be effective subject to the conditions that Chhattisgarh Rajya Beej Pramanikaran Sanstha–
(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 years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-2023, respectively.
[Notification No.100/2023/F. No. 300196/31/2019-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.
