Notification No. 107/2024-Income Tax | Dated: 11th October, 2024 under section 10(46) of the Income Tax Act, 1961 in the case of State Load Despatch Centre Unscheduled Interchange Fund West Bengal State Electricity Transmission Company Limited
The Central Government, through Notification No. 107/2024 dated October 11, 2024, under Section 10(46) of the Income Tax Act, 1961, exempts the State Load Despatch Centre Unscheduled Interchange (UI) Fund, West Bengal State Electricity Transmission Company Limited (WBSETCL) from tax on specific income. The exempted income includes residual amounts in the UI pool balance account, income related to UI, and interest from fixed deposits and auto-sweep accounts. The notification applies retrospectively for the assessment years 2023-2024 and 2024-2025, covering the financial years 2022-2023 and 2023-2024. Conditions for the exemption include that the UI Fund should not engage in commercial activities, the nature of income must remain unchanged, and returns must be filed as per Section 139(4C)(g) of the Income Tax Act. This notification ensures that no party is adversely affected by its retrospective application.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 107/2024-Income Tax | Dated: 11th October, 2024
S.O. 4398(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, ‘State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited (PAN: AAIAS0980J), constituted under the Electricity Act, 2003 (36 of 2003) in respect of the following specified income arising to that trust, namely:
(a) Residual money in the unscheduled interchange pool balance account;
(b) Income incidental to or related to unscheduled interchange; and
(c) Interest on fixed deposits and auto-sweep accounts.
2. This notification shall be effective subject to the conditions that the State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited (PAN: AAIAS0980J)-
(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 years 2023-2024 and 2024-2025 relevant for the financial years 2022-2023 and 2023-2024 respectively.
[Notification No. 107 /2024/F. No. 300196/4/2024-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.
