CBDT vide Notification No. 121/2021 dated 13.10.2021 in S.O. 4263(E) notified ‘Punjab State Electricity Regulatory Commission, Chandigarh’, having PAN AAAGT0052L, a commission established by the state government of Punjab 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) Processing fee;
(b) License fee;
(b) Petition fee; and
(c) Interest earned on bank deposits.
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).
Read the full text of Notification No. 121/2021 dated 13.10.2021 on income-tax exemption to Punjab State Electricity Regulatory Commission
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 13th October, 2021
S.O. 4263(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, ‘Punjab State Electricity Regulatory Commission’, Chandigarh (PAN- AAAGT0052L), a commission established by the state government of Punjab, in respect of the following specified income arising to the Commission, namely:-
(a) amount received in the form of processing fee for the 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, Chandigarh,-
(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 apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
[Notification No. 121 /2021 F.No.300196/5/2021-ITA-I]
SOURABH JAIN, Under Secy.
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