Central Board of Direct Taxes (CBDT) issued notification no. 144/2025 dated 02.09.2025 to provide exemption u/s 10(46) of Income tax Act, 1961 to ‘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
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.
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.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
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