CBDT notifies Income Tax Exemption to Odisha Electricity Regulatory Commission [Read Notification]
![CBDT notifies Income Tax Exemption to Odisha Electricity Regulatory Commission [Read Notification]](https://www.taxscan.in/wp-content/uploads/2022/07/CBDT-Income-Tax-Exemption-Odisha-Electricity-Regulatory-Commission-taxscan.jpeg "CBDT notifies Income Tax Exemption to Odisha Electricity Regulatory Commission [Read Notification]")
The Central Board of Direct Taxes (CBDT) has notified the income tax exemption to Odisha Electricity Regulatory Commission under section 10(46) of the Income Tax Act, 1961. A notification issued on Thursday said that “The Central Government hereby notifies for the purposes of the said clause, Odisha Electricity Regulatory Commission (PAN: AAALO0073B), a body constituted by the...
The Central Board of Direct Taxes (CBDT) has notified the income tax exemption to Odisha Electricity Regulatory Commission under section 10(46) of the Income Tax Act, 1961.
A notification issued on Thursday said that “The Central Government hereby notifies for the purposes of the said clause, Odisha Electricity Regulatory Commission (PAN: AAALO0073B), a body constituted by the State Government of Odisha, in respect of the following specified income arising to that Commission, namely:- (a) Amount received as license fee from the licensees; (b) Amount received as application processing fee; and (c) Interest earned on Government Grants and on (a) & (b) above. 2. The provisions of this notification shall be effective subject to the conditions that Odisha Electricity Regulatory Commission, - (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income remain unchanged throughout the financial years; and (c) shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961.”
Under section 10(46), any specified income arising to any notified body/authority/Board/ Trust/Commission (or a class thereof) which has been established or constituted by or under a Central, State or Provincial Act, or has been constituted by the Government or a State Government with the object of regulating or administering any activity for the benefit of the general public and is not engaged in any commercial activity and is notified by the Central Government in the Official Gazette for the purposes of this clause is exempt from tax.
This notification shall be deemed to be applied for the financial year 2021-2022 and shall be applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
To Read the full text of the Notification CLICK HERE
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