SECTION 10(46) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY

NOTIFICATION NO. SO 246(E) [NO.5/2017 (F.NO.300196/3/2016-ITA-I)], DATED 24-1-2017

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 for the said clause, the Punjab State Electricity Regulatory Commission, constituted by the Government of Punjab, in respect of the following specified income arising to that Commission, namely:—

(a)		amount received in the form of processing fee for determination of tariff;
(b)		amount received in the form of licence fee;
(c)		amount received in the form of petition fee; and
(d)		amount of interest income earned on bank deposits.

2. This notification shall be effective subject to the conditions that Punjab State 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 applicable for the financial years 2016-17 to 2020-21.