CBDT vide Notification No. 85/2022 dated 21.07.2022 in S.O. 3315(E) notified ‘Odisha Electricity Regulatory Commission’, having PAN AAALO0073B, a body constituted by the State Government of Odisha 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. 85/2022 dated 21.07.2022 on income-tax exemption to Odisha Electricity Regulatory Commission
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 21st July, 2022
S.O. 33315(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, Odisha Electricity Regulatory Commission (PAN: AAALO0073B), a body constituted by the State Government of Odisha, in respect of the following specified income arising to that Commission, namely:-
(a) Amount received as license fee from the licensees;
(b) Amount received as application processing fee; and
(c) Interest earned on Government Grants and on (a) & (b) above.
2. The provisions of this notification shall be effective subject to the conditions that Odisha Electricity Regulatory Commission, -
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income remain unchanged throughout the financial years; and
(c) shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961.
3. This notification shall be deemed to be 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. 85/2022/F. No. 300196/17/2022-ITA-I]
VIKAS SINGH, Director
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
Download CBDT Notification No. 85/2022 dated 21.07.2022 on income-tax exemption to Odisha Electricity Regulatory Commission in pdf format
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