The Central Board of Direct Taxes (CBDT) notified the Assam Electricity Regulatory Commission eligible for Section 10(46) Income Tax Exemption.
The Board empowered under clause (46) of section 10 of the Income Tax Act, 1961 notified ‘Assam Electricity Regulatory Commission’ constituted by the Government of Assam, in respect of the specified income arising to that Commission, namely amount received in the form of government grants; amount received as license fees, petition fees and fines; and interest earned on government grants, license fees, petition fees and fines kept as deposits or Fixed deposits with banks.
This notification shall be effective subject to the conditions that Assam Electricity Regulatory Commission shall not engage in any commercial activity; activities and the nature of the specified income shall remain unchanged throughout the financial years; and 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.
This notification shall be applicable for the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
