CBDT vide Notification No. 81/2022 dated 08.07.2022 in S.O. 3142(E) notified ‘Bihar Electricity Regulatory Commission’, having PAN AAALB1099E, a Commission constituted by the State Government of Bihar for income-tax exemption under section 10(46) of the Income-tax Act, 1961.
As per the notification, the following incomes of the regulatory commission shall be exempt from income tax:
(a) License fee;
(b) application processing fee; and
(c) Interest earned on government grants and above.
The above-mentioned income shall be exempt from income tax if the commission shall not engage in any commercial activity and that activities and the nature of the specified income shall remain unchanged throughout the financial years.
In order to claim exemption, the commission is required to furnish a return of income in accordance with the provision of section 139(4C)(g).
The exemption shall be available from FY 2021-22 to FY 2025-26.
Read the full text of Notification No. 81/2022 dated 08.07.2022 on income-tax exemption to Bihar Electricity Regulatory Commission
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:-
(a) amount received as licence fee from licensees in electricity;
(b) amount received as application processing fee; and
(c) Interest earned on Government Grants and on (a) & (b) above.
2. This notification shall be effective subject to the conditions that Bihar 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.
3. This notification shall be deemed to have been applied for the financial year 2021-2022 and shall be applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
[Notification No. 81/2022/F. No. 300196/14/2021-ITA-I]
SOURABH JAIN, Under Secy.
Explanatory Memorandum
It is certified that no person is being affected adversely by giving retrospective effect to this notification.
Download CBDT Notification No. 81/2022 dated 08.07.2022 on income-tax exemption to Bihar Electricity Regulatory Commission in pdf format
){kind=link}
0 Comments