CBDT vide Notification No. 116/2022 dated 19.10.2022 in S.O. 4944(E) notified ‘H P Electricity Regulatory Commission’, having PAN AAAJH0378N, a Commission constituted by the State Government of Himachal Pradesh 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) amount received in the form of Government grants,
(b) amount received as license fee from licensees in electricity,
(c) amount received as Court fee or petition fee; and
(d) interest earned on investments made out of above
The above-mentioned income shall be exempt from income tax if the commission shall not engage in any commercial activity and the 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 2022-23 to FY 2026-27.
Read the full text of Notification No. 116/2022 dated 19.10.2022 on income-tax exemption to H.P. Electricity Regulatory Commission
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 19th October, 2022
S.O. 4944(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, ‘H P Electricity Regulatory Commission’ (PAN AAAJH0378N), a Commission constituted by the Government of Himachal Pradesh, in respect of the following specified income arising to that Commission, namely:
(a) amount received in the form of Government grants;
(b) amount received as license fee from licensees in electricity;
(c) amount received as Court fee or petition fee; and
(d) interest earned on investments made out of (a) to (c) above.
2. This notification shall be effective subject to the conditions that H P 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 applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025, 2025-2026 and 2026-2027.
[Notification No. 116/2022/F. No. 300196/33/2021-ITA-I]
SOURABH JAIN, Under Secy.
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