CBDTNotificationS.O. 246(E)24 Jan 2017

Punjab State Electricity Regulatory Commission Income Exemption

Who: Punjab State Electricity Regulatory Commission
Action: The Punjab State Electricity Regulatory Commission must file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961.

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What changed

The Central Government notifies the Punjab State Electricity Regulatory Commission for the purposes of clause (46) of section 10 of the Income-tax Act, 1961. The notification applies to specified income from processing fees for tariff determination, licence fees, petition fees, and bank deposit interest. The Punjab State Electricity Regulatory 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 Punjab State Electricity Regulatory Commission must file returns of income under clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961. This notification applies for the financial years 2016-17 to 2020-21.

What you must do

The Punjab State Electricity Regulatory Commission must file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961.

Key dates

Financial years 2016-17 to 2020-21: Not dated

Law this touches

Who is affected

Punjab State Electricity Regulatory Commission

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Document text

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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 24th January, 2017 S.O. 246(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 for the said clause, the Punjab State Electricity Regulatory Commission, constituted by the Government of Punjab, in respect of the following specified income arising to that Commission, namely:-

(a) amount received in the form of processing fee for determination of tariff;
(b) amount received in the form of licence fee;
(c) amount received in the form of petition fee; and
(d) amount of interest income earned on bank deposits.

This notification shall be effective subject to the conditions that Punjab State 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 applicable for the financial years 2016-17 to 2020-21. [Notification No. 5 /2017/F. No. 300196/3/2016-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. SARVESH KUMAR SRIVASTAVA Digitally signed by SARVESH KUMAR SRIVASTAVA Date: 2017.01.25 22:34:11 +05'30'

Source details

Official title: notification no. 5 /2017 f. no. 300196/3/2016 ita i / so 246 e
Source: Central Board of Direct Taxes / Income Tax Department
Type: notification
Published by source: 24 Jan 2017
Document number: S.O. 246(E)
Issuing division: Central Board of Direct Taxes
Coverage area: direct-tax

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Punjab State Electricity Regulatory Commission Income Exemption

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