CBDT notifies ‘Uttar Pradesh Electricity Regulatory Commission’ for exemption u/s 10(46)
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- Last Updated on 8 July, 2022
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Notification No. 79/2022, dated 06-07-2022
The Central Board of Direct Taxes (CBDT) has notified ‘Uttar Pradesh Electricity Regulatory Commission’ constituted under the Uttar Pradesh Electricity Reforms Act, 1999 for the purposes of clause (46) of section 10 of the Income-tax Act, 1961. The following income arising to the Commission is exempt under section 10(46):
(a) Amount received in the form of Government grants;
(b) Amount received in the form of licence fees & Fines; and
(c) Interest earned on (a) & (b) above.
It has also provided that Uttar Pradesh Electricity Regulatory Commission shall comply with the following conditions:
(a) It shall not engage in any commercial activity;
(b) Its activity and the nature of the specified income shall remain unchanged throughout the financial years; and
(c) It shall file the return of income in accordance with section 139(4C).
Click Here To Read The Full Notification
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