CBDT notifies exemption u/s 10(46) to Punjab State Electricity Regulatory Commission, Chandigarh
The Central Board of Direct Taxes (CBDT) vide its Notification No 121/2021 [S.O. 4263(E)] dated 13th October 2021 notifies the exemption under section 10(46) of the Income Tax Act, 1961 to ‘Punjab State Electricity Regulatory Commission’, Chandigarh (PAN- AAAGT0052L) a commission established by the state government of Punjab.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi, the 13th October, 2021
S.O. 4263(E).—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, ‘Punjab State Electricity Regulatory Commission’, Chandigarh (PAN- AAAGT0052L), a commission established by the state government of Punjab, in respect of the following specified income arising to the Commission, namely:-
(a) amount received in the form of processing fee for the determination of tariff;
(b) amount received in the form of licence fee;
(c) amount received in the form of petition fee; and
(d) amount of interest income earned on bank deposits.
2. This notification shall be effective subject to the conditions that Punjab State Electricity Regulatory Commission, Chandigarh,-
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
(c) 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.
3. This notification shall apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
[Notification No. 121 /2021 F.No.300196/5/2021-ITA-I]
SOURABH JAIN, Under Secy.