Maharashtra Electricity Regulatory Commission income exempted u/s 10(46) of Income Tax Act

Maharashtra Electricity Regulatory Commission income exempted u/s 10(46) of Income Tax Act

(Department of Revenue)


New Delhi, the 23rd June, 2020

S.O. 2015(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, ‘Maharashtra Electricity Regulatory Commission’, Mumbai (PAN AAAGM0004R), a commission established by the State Government of Maharashtra, in respect of the following specified income arising to that Commission, namely:-

(a) Grants from Government of Maharashtra;

(b) Fees for annual licence;

(c) Interest on Fixed Deposit and Savings Account;

(d) Fees for application/petition filed;(e)Fees for Documents;

(f) Penalty for delayed payment of Annual Licence Fees;

(g) Fees for RTI;

(h) Sale of Scrap;

(i) Interest on Loans and Advances given to employees;

(j) Fees for annual performance review;

(k) Fees for determination of tariff; and

(l) Fees for initial licence.

2.This  notification  shall  be  effective  subject  to  the  conditions  that  Maharashtra  Electricity  Regulatory Commission, Mumbai,-

(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  assessment  years  2021-2022,  2022-2023,  2023-2024, 2024-2025 and 2025-2026.



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