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The Central Government notifies the Maharashtra Electricity Regulatory Commission for income tax exemption under section 10 clause 46 of the Income-tax Act, 1961. The exemption applies to specific income sources that include government grants, licence fees, interest earnings, petition fees, document fees, penalties, right to information fees, scrap sales, employee loan interest, performance review fees, tariff determination fees, and initial licence fees. 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 the return of income and the audit report with a chartered accountant certificate. The notification applies to the assessment 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 23rd June, 2020
S.O. 2015(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, ‘Maharashtra Electricity Regulatory Commission’, Mumbai (PAN AAAGM0004R), a commission established by the State Government of Maharashtra, in respect of the following specified income arising to that Commission, namely:-
[Notification. No. 34/2020/F.No.300196/53/2019-ITA-I] PRAJNA PARAMITA, Director
