CBDT Allows Income Tax Exemption To Joint Electricity Regulatory Commission
Mariya Paliwala
8 Aug 2023 5:30 AM GMT
The Central Board of Direct Taxes (CBDT) has exempted the Joint Electricity Regulatory Commission from Income tax under clause 46 of Section 10 of the Income-tax Act, 1961.The Central Government notified income tax exertion to the Joint Electricity Regulatory Commission, a commission constituted by the Government of India, in respect of petition fees, licence fees, other income in respect...
The Central Board of Direct Taxes (CBDT) has exempted the Joint Electricity Regulatory Commission from Income tax under clause 46 of Section 10 of the Income-tax Act, 1961.
The Central Government notified income tax exertion to the Joint Electricity Regulatory Commission, a commission constituted by the Government of India, in respect of petition fees, licence fees, other income in respect of reimbursement of Ombudsman expenses, profit on sale or disposal of assets, and interest earned.
The provisions of the notification shall be effective subject to the various conditions. The income tax exemption will be available if it does not engage in any commercial activity. The activities and the nature of the specified income remain unchanged throughout the financial years. The commission shall file returns of income in accordance with the provisions of clause (g) of sub-section (4C) of Section 139 of the Income-tax Act, 1961.
The notification shall be deemed to have been applied for assessment years 2022-23 and 2023-24 relevant for the financial years 2021-2022 and 2022-2023 respectively.
Notification No. 55 /2023
Date: 01/08/2023
Click Here To Read The Notification
