CBDT notifies Odisha Electricity Regulatory Commission under Section 10(46) of income Tax Act, 1961 vide Notification No. 85/2022-Income-Tax | Dated: 21st July, 2022.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi, the 21st July, 2022
Notification No. 85/2022-Income-Tax | Dated: 21st July, 2022
S.O. 3315(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, Odisha Electricity Regulatory Commission (PAN: AAALO0073B), a body constituted by the State Government of Odisha, in respect of the following specified income arising to that Commission, namely:-
(a) Amount received as license fee from the licensees;
(b) Amount received as application processing fee; and
(c) Interest earned on Government Grants and on (a) & (b) above.
2. The provisions of this notification shall be effective subject to the conditions that Odisha Electricity Regulatory Commission, –
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income remain unchanged throughout the financial years; and
(c) shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961.
3. This notification shall be deemed to be applied for the financial year 2021-2022 and shall be applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
[Notification No. 85/2022/F. No. 300196/17/2022-ITA-I]
VIKAS SINGH, Director
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
