CBDTNotificationS.O. 4858(E)14 Sept 2018

Income Tax Exemption for Uttar Pradesh Electricity Regulatory Commission

Who: Uttar Pradesh Electricity Regulatory Commission, Lucknow
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 Uttar Pradesh Electricity Regulatory Commission, Lucknow, under clause (46) of section 10 of the Income-tax Act, 1961, in respect of specified income. The specified income includes government grants, licence fees and fines, and interest on government grants, licence fees and fines. The commission must not engage in any commercial activity. The commission must keep its activities and the nature of the specified income unchanged throughout the financial years. The commission must file a return of income under section 139 of the Income-tax Act, 1961. This notification applies to assessment years 2017-2018, 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 years 2017-2018 and 2018-2019: Not dated
Assessment years 2019-2020, 2020-2021 and 2021-2022: Not dated

Law this touches

Who is affected

Uttar Pradesh Electricity Regulatory Commission, Lucknow

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 14th September, 2018

S.O. 4858(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, ‘Uttar Pradesh Electricity Regulatory Commission’, Lucknow, a commission constituted under the Uttar Pradesh Electricity Reforms Act, 1999 (UP Act No.24 of 1999), in respect of the following specified income arising to the said Commission, namely:--

(a) amount received in the form of Government grants;
(b) amount received as licence fees & fines; and
(c) interest on Government grants, licence fees & fines.

This notification shall be effective subject to the conditions that Uttar Pradesh Electricity Regulatory Commission, Lucknow,-

(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 2017-2018 and 2018-2019 and shall apply with respect to the assessment years 2019-2020, 2020-2021 and 2021-2022.

[Notification No. 44 /2018/F.No.300196/2/2017-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.

Source details

Official title: notification no. 44 /2018 f.no.300196/2/2017 ita i / so 4858 e
Source: Central Board of Direct Taxes / Income Tax Department
Type: notification
Published by source: 14 Sept 2018
Document number: S.O. 4858(E)
Issuing division: Central Board of Direct Taxes
Coverage area: direct-tax

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Income Tax Exemption for Uttar Pradesh Electricity Regulatory Commission

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