The Central Board of Direct Taxes (CBDT) notified the Punjab State 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 ‘Punjab State Electricity Regulatory Commission, Chandigarh, a commission established by the state government of Punjab, in respect of the amount received in the form of processing fee for the determination of tariff; amount received in the form of license fee; amount received in the form of petition fee; and amount of interest income earned on bank deposits income arising to the Commission.
However, the exemption shall be effective subject to the conditions that Punjab State Electricity Regulatory Commission, Chandigarh 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 a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income Tax Act, 1961.
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