Central Government notifies ‘Karnataka Electricity Regulatory Commission’ a commission established by the Government of Karnataka, in respect of the specified income arising to that Commission - 49/2019 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 49/2019 New Delhi, the 27th June, 2019 S.O.2163(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, Karnataka Electricity Regulatory Commission , Bengaluru (PAN AAAGK0112L), a commission established by the Government of Karnataka, in respect of the following specified income arising to that Commission, namely:- (a) Grant by Government of Karnataka; (b) Annual Fees; (c) Tariff Application Fees; (d) Power Purchase Agreement processing fees; (e) Fines and Penalties (if levied); (f) Miscellaneous receipts like copying charges of various documents sale of retail tariff orders sale of regulations, RTI application fees etc.; and (g) Interest earned on (a) to (f) above. 2. This notification shall be effective subject to the conditions that Karnataka Electricity Regulatory Commission, Bengaluru - (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.300196/33/2019-ITA-I] RAJARAJESWARI R., Under Secy.