CBDT exempts income of Uttar Pradesh Electricity Regulatory Commission

CBDT exempts income of Uttar Pradesh Electricity Regulatory Commission U/S 10(46) of Income Tax Act 1961

CBDT exempts income of Uttar Pradesh Electricity Regulatory Commission

MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) ( CENTRAL BOARD OF DIRECT TAXES)

Notification Number 44/2018 New Delhi, the 14th September, 2018

S.O. 4858(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, Uttar Pradesh Electricity Regulatory Commission, Lucknow, a commission constituted under the Uttar Pradesh Electricity Reforms Act, 1999 (UP Act No.24 of 1999), in respect of the following specified income arising to the said Commission, namely:-- (a) amount received in the form of Government grants; (b) amount received as licence fees & fines; and (c) interest on Government grants, licence fees & fines. 2. This notification shall be effective subject to the conditions that Uttar Pradesh Electricity Regulatory Commission, Lucknow,- (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 be deemed to have been applied for the assessment years 2017-2018 and 2018-2019 and shall apply with respect to the assessment years 2019-2020, 2020-2021 and 2021-2022.

[Notification No. 44 /2018/F.No.300196/2/2017-ITA-I] VINAY SHEEL GAUTAM, Under Secy.

Explanatory Memorandum:- It is certified that no person is being adversely affected by giving retrospective effect to this notification. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.