SECTION 10(46) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS -48/2013

SECTION 10(46) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS -

STATUTORY BODY/AUTHORITY/BOARD/COMMISSION - NOTIFIED BODY

OR AUTHORITY – Odisha Electricity Regulatory Commission

NOTIFICATION NO. 48/2013 [F.NO.196/1/2012-ITAT.I], DATED 3-7-2013

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 961), the Central Government hereby notifies for the purposes of the said clause, the Odisha Electricity Regulatory Commission, a Commission established by the Government of Odisha, 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 licence fee from licensees in electricity;

(c) amount received as application processing fee; and

(d) interest earned on Government grants and fee received.

2. This notification shall be deemed to have been applied for the financial year 2012-13 and shall applicable for the financial years 2013-14, 2014-15, 2015-16 and 2016-17.

3. The notification shall be effective subject to the following conditions, namely:-

(a) the Odisha Electricity Regulatory Commission does not engage in any commercial activity;

(b) the activities and the nature of the specified income of Odisha Electricity Regulatory Commission remain unchanged throughout the financial year; and

(c) the Odisha Electricity Regulatory Commission files return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

Also Read:standardizing-process-of-filing u/s 10 (46)

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