Income of Competition Commission of India exempted u/s 10(46) for Government grants, Fee & interest income accrued for five years from FY 2021-22 to 2025-26
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 72/2021
New Delhi, the 9th June, 2021
S.O. 2246(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, ‘Competition Commission of India’ (PAN AAAGC0012M), a Commission established under sub-section (1) of Section 7 of the Competition Act, 2002 (12 of 2003), in respect of the following specified income arising to the said Commission, namely:-
(a) Amount received in the form of Government grants;
(b) Fee received under the Competition Act, 2002; and
(c) Interest income accrued on (a) and (b) above.
2. This notification shall be effective subject to the conditions that Competition Commission of India, –
(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.
(d) shall file the Audit report along with the Return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied.
3. This notification shall apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
PRAJNA PARAMITA, Director,
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