CBDTNotificationNotification No. 28/2019/F. No. 300196/24/2016-ITA-I26 Mar 2019

Income Tax Exemption for Odisha Electricity Regulatory Commission

Who: Odisha Electricity Regulatory Commission, Bhubaneswar
Action: 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.

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What changed

The Central Government notifies specified income of the Odisha Electricity Regulatory Commission under section 10 clause 46 of the Income-tax Act, 1961. This notification applies to government grants, licence fees, application processing fees, and interest earned on these amounts. The commission must not engage in any commercial activity. The activities and 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 of the Income-tax Act, 1961. This notification applies for the assessment years 2018-2019, 2019-2020, 2020-2021, and 2021-2022.

What you must do

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.

Key dates

Assessment Year 2018-2019: Not dated
Assessment Years 2019-2020, 2020-2021 and 2021-2022: Not dated

Law this touches

Who is affected

Odisha Electricity Regulatory Commission, Bhubaneswar

Exceptions

The commission shall not engage in any commercial activity.
Activities and the nature of the specified income shall remain unchanged throughout the financial years.

Ask about this notification

Written automatically from the official document. It is not a professional review, so check material decisions against the official record.

Document text

Prepared for reading; wording retained from the source.

Official source

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 26th March, 2019

S.O. 1425(E).—In supersession of Gazette Notification No.1359(E) dated 28.04.2017, the Central Government in exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), hereby notifies for the purposes of the said clause, ‘Odisha Electricity Regulatory Commission’, Bhubaneswar, a commission established by the State Government of Odisha, in respect of the following specified income arising to that commission, namely:-

(a) Amount received in the form of Government grants;
(b) Amount received as Licence fee from the licensees;
(c) Amount received as application processing fee; and
(d) Interest earned on (a) to (c) above.

This notification shall be effective subject to the conditions that Odisha Electricity Regulatory Commission, Bhubaneswar,-

(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.

This notification shall be deemed to have been applied for the assessment years 2018-2019 and shall apply with respect to the assessment years 2019-2020, 2020-2021 and 2021-2022.

[Notification No. 28/2019/F. No. 300196/24/2016-ITA-I] RAJARAJESWARI R., Under Secy.

Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.

Source details

Official title: notification no. 28/2019/f. no. 300196/24/2016 ita i / so 1425 e
Source: Central Board of Direct Taxes / Income Tax Department
Type: notification
Published by source: 26 Mar 2019
Document number: Notification No. 28/2019/F. No. 300196/24/2016-ITA-I
Issuing division: CENTRAL BOARD OF DIRECT TAXES
Coverage area: direct-tax

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Income Tax Exemption for Odisha Electricity Regulatory Commission

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