SECTION 10(46) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY
NOTIFICATION NO. SO 2829(E) [NO.84/2017 (F.NO.300196/8/2017-ITA-I)], DATED 30-8-2017
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 of the said clause, ‘Gujarat Electricity Regulatory Commission’, a Commission constituted under the Electricity Regulatory Commissions Act, 1998 , in respect of the following specified income arising to that Commission, namely:—
(a) | amounts received in form of grants and aid from Government; | |
(b) | amount received in the form of petition fees or processing fee for determination of tariff; | |
(c) | amount received in the form of License fees; Application fees or in nature of fines; | |
(d) | interest earned on investment or deposit or Saving/Current Bank Accounts; | |
(e) | fees for documents; | |
(f) | penalty or interest for delayed payment of Annual License fees; and | |
(g) | fees for RTI. |
2. This notification shall be effective subject to the conditions that Gujarat 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 said Act. |
3. This notification shall be deemed to have been applied for the financial year 2016-2017* and shall apply with respect to financial years 2017-2018, 2018-2019, 2019-2020 and 2020-2021.