CBDTNotificationNotification No. 5 /2022 F.No.300196/13/2021-ITA-I13 Jan 2022

Exemption for Assam Electricity Regulatory Commission

Who: Assam Electricity Regulatory Commission
Action: The Assam Electricity Regulatory Commission 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.

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What changed

The Central Government notifies specified income of the Assam Electricity Regulatory Commission for tax exemption under clause (46) of section 10 of the Income-tax Act, 1961. The exemption applies to government grants, license fees, petition fees, fines, and related bank interest. The Commission must not engage in commercial activity. The Commission must keep its activities and the nature of the specified income unchanged. The Commission must file a return of income under section 139 of the Income-tax Act, 1961. The exemption applies for the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025, and 2025-2026.

What you must do

The Assam Electricity Regulatory Commission 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.

Key dates

Financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026: Not dated

Law this touches

Who is affected

Assam Electricity Regulatory Commission

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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 13th January, 2022

S.O. 193(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, ‘Assam Electricity Regulatory Commission’ (PAN:AAAJA1243K), constituted by the Government of Assam, in respect of the following specified income arising to that Commission, namely:—

(a) amount received in the form of government grants;
(b) amount received as license fees, petition fees and fines; and
(c) interest earned on government grants, license fees, petition fees and fines kept as deposits or Fixed deposits with banks.

This notification shall be effective subject to the conditions that Assam Electricity Regulatory Commission—

(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 applicable for the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.

[Notification No. 5 /2022 F.No.300196/13/2021-ITA-I] SOURABH JAIN, Under Secy.

Source details

Official title: notification no. 5 /2022 f.no.300196/13/2021 ita i / so 193 e
Source: Central Board of Direct Taxes / Income Tax Department
Type: notification
Published by source: 13 Jan 2022
Document number: Notification No. 5 /2022 F.No.300196/13/2021-ITA-I
Issuing division: Central Board of Direct Taxes
Coverage area: direct-tax

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Exemption for Assam Electricity Regulatory Commission

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