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The Central Government notifies the Bihar Electricity Regulatory Commission for income tax exemption under section 10 clause 46 of the Income-tax Act, 1961. The exemption applies to licence fees from electricity licensees, application processing fees, and interest earned on government grants and these specified 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 must file a return of income under section 139 sub-section 4C clause g. The notification applies to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025, and 2025-2026.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 8th July, 2022
S.O. 3142(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, ‘Bihar Electricity Regulatory Commission’ (PAN AAALB1099E), a Commission constituted by the State Government of Bihar, in respect of the following specified income arising to that Commission, namely:
[Notification No. 81/2022/F. No. 300196/14/2021-ITA-I] SOURABH JAIN, Under Secy.
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It is certified that no person is being adversely affected by giving retrospective effect to this notification.
