U/s 10(46) of IT Act 1961 - Central Government notifies, Bihar Electricity Regulatory Commission’ a Commission constituted by the State Government of Bihar - 81/2022 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 81/2022 New Delhi, the 8th July, 2022 S.O. 3142(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, Bihar Electricity Regulatory Commission (PAN AAALB1099E), a Commission constituted by the State Government of Bihar, in respect of the following specified income arising to that Commission, namely: (a) amount received as licence fee from licensees in electricity; (b) amount received as application processing fee; and (c) Interest earned on Government Grants and on (a) (b) above. 2. This notification shall be effective subject to the conditions that Bihar Electricity Regulatory Commission:- (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 financial year 2021-2022 and shall be applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025 and 2025-2026. [F. No. 300196/14/2021-ITA-I] SOURABH JAIN, Under Secy. Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.