CBDT notifies Tax Exemption u/s 10 to Certain Income of Joint Electricity Regulatory Commission for Goa and Union Territories except Delhi [Read Order]
![CBDT notifies Tax Exemption u/s 10 to Certain Income of Joint Electricity Regulatory Commission for Goa and Union Territories except Delhi [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/CBDT-Tax-Exemption-Income-Joint-Electricity-Regulatory-Commission-Goa-Union-Territories-taxscan-1.jpg "CBDT notifies Tax Exemption u/s 10 to Certain Income of Joint Electricity Regulatory Commission for Goa and Union Territories except Delhi [Read Order]")
The Central Board of Direct Taxes (CBDT) vide notification S.O. 3441(E) issued on 1st August 2023 has notified the tax exemption under Section 10 of the Income Tax Act to certain income of Joint Electricity Regulatory Commission for Goa and Union Territories except Delhi. It was also certified that no person is being adversely affected by giving retrospective effect to this...
The Central Board of Direct Taxes (CBDT) vide notification S.O. 3441(E) issued on 1st August 2023 has notified the tax exemption under Section 10 of the Income Tax Act to certain income of Joint Electricity Regulatory Commission for Goa and Union Territories except Delhi. It was also certified that no person is being adversely affected by giving retrospective effect to this notification.
The notification states that “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, Joint Electricity Regulatory Commission (for the State of Goa and Union Territories except Delhi), Gurugram (PAN: AAAJJ0668D), a commission constituted by the Government of India, in respect of the following specified income arising to that Commission”.
The income exempted from tax as per the notification are:
- petition fees;
- license fees;
- other income in respect of reimbursement of Ombudsman expenses / and profit on sale/ disposal of assets; and
- interest earned on (a) to (c) above.
However, the provisions of this notification shall be effective subject to the conditions that Joint Electricity Regulatory Commission, (for the State of Goa and Union Territories except Delhi), Gurugram -
- shall not engage in any commercial activity
- activities and the nature of the specified income remain unchanged throughout the financial years; and
- shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
The notification will be considered applicable for the assessment years 2022-23 and 2023-24, corresponding to the financial years 2021-2022 and 2022-2023, respectively.
To Read the full text of the Notification CLICK HERE
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