Exemption to Telangana State Electricity Regulatory Commission u/s 10(46) of Income Tax Act

Exemption to Telangana State Electricity Regulatory Commission u/s 10(46) of Income Tax Act, 1961

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 34/2019

New Delhi, the 9th April, 2019

S.O. 1538(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, ‘Telangana State Electricity Regulatory Commission’, Hyderabad, a commission constituted by the State Government of Telangana, in respect of the following specified income arising to that Commission, namely:—

(a) Grants and loans received from the government of Telangana;

(b) All fees and sums received by Telangana State Electricity Regulatory Commission, Hyderabad under the Electricity Act, 2003 (36 of 2003); and

(c) Interest earned on (a) & (b) above.

2. This notification shall be effective subject to the conditions that Telangana State Electricity Regulatory Commission, Hyderabad—

(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 assessment year 2020-2021, 2021-2022, 2022-2023, 2023-2024 and 2024-2025.

[F.No.300196/8/2019-ITA-I]

RAJARAJESWARI R., Under Secy.