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The Central Government notifies specified income of the Karnataka Electricity Regulatory Commission under clause 46 of section 10 of the Income-tax Act, 1961. The exemption applies to grants, annual fees, tariff application fees, power purchase agreement processing fees, fines and penalties, miscellaneous receipts, and interest earned on these items. The commission must not engage in any commercial activity. The activities and nature of 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. This notification applies for the assessment years 2020-2021 through 2024-2025.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th June, 2019
S.O.2163(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, ‘Karnataka Electricity Regulatory Commission’, Bengaluru (PAN AAAGK0112L), a commission established by the Government of Karnataka, in respect of the following specified income arising to that Commission, namely:-
