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The Central Government notifies the Gujarat Electricity Regulatory Commission for income tax exemption under section 10 clause 46 of the Income-tax Act, 1961. The exemption applies to annual license fee, petition fee, and interest earned on deposits and savings accounts with nationalized banks or state sponsored financial institutions. 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 return of income and the Audit report with a chartered accountant certificate. The notification applies with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 20th September, 2021
S.O. 3882(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, ‘Gujarat Electricity Regulatory Commission’, Gandhinagar (PAN AAAAG0638C), a commission established by the state government of Gujarat, in respect of the following specified income arising to the Commission, namely:-
[Notification No. 115/2021/F. No. 300196/9/2021-ITA-I] SOURABH JAIN, Under Secy.
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