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CBDT Notifies Uttar Pradesh Electricity Regulatory Commission for Exemption u/s 10(46)

cbdt-notifies-uttar-pradesh-electricity-regulatory-commission-for-exemption-us-10-46

CBDT vide Notification No. 79/2022 dated 06.07.2022 in S.O. 3105(E) notified ‘Uttar Pradesh Electricity Regulatory Commission’, having PAN AAALU0227H, a commission constituted under the Uttar Pradesh Electricity Reforms Act, 1999 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) government grants;

(b) License fee & fines; and 

(c) Interest earned on 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 the Audit Report along with the 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. 79/2022 dated 06.07.2022 on income-tax exemption to Uttar Pradesh Electricity Regulatory Commission


MINISTRY OF FINANCE 

(Department of Revenue) 


(CENTRAL BOARD OF DIRECT TAXES) 


NOTIFICATION 


New Delhi, the 6th July, 2022


S.O. 3105(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, ‘Uttar Pradesh Electricity Regulatory Commission’ (PAN AAALU0227H), a commission constituted under the Uttar Pradesh Electricity Reforms Act, 1999 (U.P. Act No.24 of 1999), in respect of the following specified income arising to that Commission, namely:-  


(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. 


2. This notification shall be effective subject to the conditions that Uttar Pradesh 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. 79/2022/F. No. 300196/38/2021-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. 79/2022 dated 06.07.2022 on income-tax exemption to Uttar Pradesh Electricity Regulatory Commission in pdf format

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