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The Central Government notifies the West Bengal Electricity Regulatory Commission for income tax exemption under section 10 clause 46 of the Income-tax Act 1961. The exemption applies to income from the specific fund and fees collected. The commission must not engage in any commercial activity. The activities and the nature of the specified income must remain unchanged throughout the financial years. The commission must file a return of income under section 139 sub-section 4C clause g. The notification applies retrospectively for the financial years 2016-2017 and prospectively for 2017-2018, 2018-2019, 2019-2020, and 2020-2021.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 18th January, 2018
S.O. 284(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, ‘West Bengal Electricity Regulatory Commission’, Kolkata,a commission constituted by the Government of West Bengal, in respect of the following specified income arising to that commission, namely:—
[Notification No. 1/2018/F. No. 300196/9/2016-ITA-I] VINAY SHEEL GAUTAM, Under Secy.
Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.
