Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No.101/2023 dated 24th November, 2023, under the Income-tax Act, 1961. This notification brings recognition to the ‘Maharashtra Council of Homoeopathy,’ outlining specific incomes and conditions for its applicability.
Detailed Analysis:
1. Recognition of Maharashtra Council of Homoeopathy: Notification No.101/2023 exercises powers under clause (46) of section 10 of the Income-tax Act, 1961, recognizing the ‘Maharashtra Council of Homoeopathy’ (PAN AAATM8895K). The council, established under the Maharashtra Homoeopathy Practitioners’ Act, 1960, is acknowledged for specified incomes, including fees from members/doctors, fees from seminars/conferences, and interest earned on bank deposits.
2. Specified Incomes: The notification specifies the following incomes for the recognized authority:
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- Fees received from members/doctors
- Fees received from professional seminars/conferences
- Interest earned on bank deposits
3. Conditions for Applicability: To maintain the recognition, the Maharashtra Council of Homoeopathy must adhere to certain 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. Effective Period: The notification is effective for the assessment year 2023-2024, relevant to the financial year 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.101/2023 by the Ministry of Finance, Central Board of Direct Taxes, signifies the recognition of the Maharashtra Council of Homoeopathy under the Income-tax Act, 1961. The detailed analysis provides insights into the specified incomes, conditions for applicability, and the effective period of the notification. Homoeopathic practitioners and stakeholders are encouraged to understand the implications of this recognition for the specified incomes and adhere to the outlined conditions to ensure continued benefits.
MINISTRY OF FINANCE
(Department Of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 101/2023 – Income Tax | Dated: 24th November, 2023
S.O. 5045(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 Council of Homoeopathy’ (PAN AAATM8895K), a Body established under clause No 14 of the Maharashtra Homoeopathy Practitioners’ Act, 1960 by the Government of Maharashtra, in respect of the following specified income arising to the said Authority, as follows:
(a) Fees received from members/doctors;
(b) Fees received from professional seminars/conferences; and
(c) Interest earned on bank deposits.
2. This notification shall be effective subject to the conditions that Maharashtra Council of Homoeopathy-
(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 2023-2024 relevant for the financial year 2022-2023.
[Notification No.101/2023/F. No. 3001 96/34/2022-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.
