Vide Notification No. 5/2022 – Income Tax | Dated: 13th January, 2022 CBDT notifies Tax Exemption to Assam Electricity Regulatory Commission, constituted by the Government of Assam, in respect of the specified income under section 10(46) of Income Tax Act, 1961.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
S.O. 193(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, ‘Assam Electricity Regulatory Commission’ (PAN:AAAJA1243K), constituted by the Government of Assam, in respect of the following specified income arising to that Commission, namely:—
(a) amount received in the form of government grants;
(b) amount received as license fees, petition fees and fines; and
(c) interest earned on government grants, license fees, petition fees and fines kept as deposits or Fixed deposits with banks.
2. This notification shall be effective subject to the conditions that Assam Electricity Regulatory Commission—
(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 applicable for the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
[Notification No. 5 /2022 F.No.300196/13/2021-ITA-I]
SOURABH JAIN, Under Secy.