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The Central Government notifies specified income of the Competition Commission of India for income tax exemption under section 10 clause 46 of the Income-tax Act, 1961. The exemption applies to Government grants, fees received under the Competition Act, 2002, and interest accrued on those grants and fees. The Commission must not engage in any commercial activity. The activities and nature of the specified income must remain unchanged throughout the financial years. The Commission files a return of income under section 139 sub-section 4C clause g. The notification applies for the financial years 2016-2017 to 2020-2021.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 19th February, 2016
S. O. 530(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 purpose of the said clause, the Competition Commission of India, a Commission established under sub-section (1) of section 7 of the Competition Act, 2002 (12 of 2003), in respect of the following specified income arising to the said Commission, namely:-
[Notification No. 8 /2016, F.No.196/32/2014-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.
