Vide Notification No. 1115/2021-Income Tax | Dated: 20th September, 2021 CBDT notifies Tax Exemption to ‘Gujarat Electricity Regulatory Commission’.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi

Notification No. 115/2021-Income Tax | Dated: 20th September, 2021

S.O. 3882(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, ‘Gujarat Electricity Regulatory Commission’, Gandhinagar (PAN AAAAG0638C), a commission established by the state government of Gujarat, in respect of the following specified income arising to the Commission, namely:-

(a) Annual license fee;

(b) Petition fee; and

(c) Interest earned on fixed/term deposits and savings account with nationalized banks/state sponsored financial institutions.

2. This notification shall be effective subject to the conditions that Gujarat Electricity Regulatory Commission, Gandhinagar,-

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income shall remain unchanged throughout the financial years;

(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; and

(d) shall file the Audit report along with the Return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied.

3. This notification shall apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.

[Notification No. 115/2021/F. No. 300196/9/2021-ITA-I]

SOURABH JAIN, Under Secy.

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