Central Board of Direct Taxes (CBDT), via Notification No. 66/2025 dated June 19, 2025, has granted income tax exemption to the Forum of Regulators (PAN: AAAJF0126G), an authority constituted by the Ministry of Power under section 166(2) of the Electricity Act, 2003. The exemption is provided under clause (46) of section 10 of the Income-tax Act, 1961 for the following specified incomes: (a) government grants; (b) membership fees received from Central and State Electricity Regulatory Commissions; and (c) interest income from bank deposits. The exemption is conditional on the authority not engaging in commercial activity, maintaining consistency in the nature of income and activities, and filing income tax returns as per section 139(4C)(g) of the Act. This notification has been given retrospective effect for the financial years 2011–2012 to 2015–2016, relevant to assessment years 2012–2013 to 2016–2017. The explanatory memorandum clarifies that no person is adversely affected by the retrospective application of this notification.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 66/2025-Income Tax | Dated: 19th June, 2025
S.O. 2740(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, ‘Forum of Regulators’ (PAN: AAAJF0126G), an authority constituted by Govt. of India, Ministry of Power, in exercise of the powers conferred by sub-section (2) of section 166 of the Electricity Act, 2003 (No. 36 of 2003) in respect of the following specified income arising to that authority, namely :-
(a) Grants received from the Government;
(b) Membership fees received from Central and State Electricity Regulatory Commissions and
(c) Interest earned on bank deposits.
2. This notification shall be effective subject to the conditions that the Forum of Regulators: –
(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 the financial years 2011-2012 to 2015-2016 relevant to assessment years 2012-2013 to 2016-2017.
[Notification No. 66/2025/F. No. 300196/33/2012-ITA-I]
MEENAKSHI SINGH, Dy. Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification
