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The Central Government notifies the Karnataka Electricity Regulatory Commission for income tax exemption under section 10 clause 46 of the Income-tax Act, 1961. The exemption applies to income from government grants and loans, statutory fees, and interest earned from investment. The notification applies for the financial years 2014-2015 to 2018-2019. The Commission must not engage in commercial activity. The activities and nature of the specified income must remain unchanged throughout the financial year. The Commission files a return of income under section 139 sub-section 4C clause g of the Act.
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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 12th December, 2014
S.O. 3172(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, a Commission constituted by the Government of Karnataka in respect of the following specified income arising to that Commission, namely:—
This notification shall be applicable for the financial years 2014-2015 to 2018-2019.
The notification shall be subject to the conditions that Karnataka Electricity Regulatory Commission:—
[Notification No.78/2014/F. No. 196/22/2014-ITA.I] DEEPSHIKHA SHARMA, Director
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