CBDTNotificationNotification No. 35/2017/F. No. 300196/24/2016-ITA-I28 Apr 2017

Income Tax Exemption for Odisha Electricity Regulatory Commission

Who: Odisha Electricity Regulatory Commission
Action: File returns 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 for income tax exemption under section 10 clause 46 of the Income-tax Act, 1961. The specified income includes licence fees from licensees and application processing 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 returns of income under section 139 sub-section 4C clause g of the Income-tax Act, 1961. This notification applies for the financial years 2017-2018, 2018-2019, 2019-2020, and 2020-2021.

What you must do

File returns 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

Financial years 2017-2018, 2018-2019, 2019-2020 and 2020-2021: Not dated

Law this touches

Who is affected

Odisha Electricity Regulatory Commission

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Document text

Prepared for reading; wording retained from the source.

Official source

2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 28th April, 2017

S.O. 1359(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, the Odisha Electricity Regulatory Commission, a commission constituted by the State Government of Odisha, in respect of the following specified income arising to that Commission, namely:—

(a) amount received as Licence fee from the Licensees; and
(b) amount received as application processing fee.

The provisions of this notification shall be effective subject to the conditions that Odisha Electricity Regulatory Commission,—

(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income remain unchanged throughout the financial years; and
(c) shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961.

This notification shall be deemed to have been applied for the financial years 2017-2018, 2018-2019, 2019- 2020 and 2020-2021.

[Notification No. 35 /2017/ F. No. 300196/24/2016-ITA-I] DEEPSHIKHA SHARMA, Director

Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. RAKESH SUKUL Digitally signed by RAKESH SUKUL Date: 2017.05.05 19:21:22 +05'30'

Source details

Official title: notification no. 35 /2017 f. no. 300196/24/2016 ita i / so 1359 e
Source: Central Board of Direct Taxes / Income Tax Department
Type: notification
Published by source: 28 Apr 2017
Document number: Notification No. 35/2017/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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