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of <h1>Central Govt exempts Punjab Ayurvedic Faculty's specified income from tax under Income-tax Act, Section 10(46), for 2019-2023.</h1> The Central Government has issued Notification No. 11/2024, under clause (46) of section 10 of the Income-tax Act, 1961, exempting specified income of the 'Punjab State Faculty of Ayurvedic and Unani Systems of Medicine' from taxation. The exempted income includes fees, maintenance fund receipts, and interest on bank deposits. The exemption is contingent upon the body not engaging in commercial activities, maintaining the nature of specified income, and filing income returns as per legal requirements. The notification applies retrospectively for assessment years 2020-2021 to 2023-2024, covering financial years 2019-2020 to 2022-2023.
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