Specified income U/s 10(46) of IT Act 1961 - "Odisha Electricity Regulatory Commission" a body constituted by the State Government of Odisha notified. - 85/2022 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 85/2022 New Delhi, the 21st July, 2022 S.O. 3315(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, Odisha Electricity Regulatory Commission (PAN: AAALO0073B), a body constituted by the State Government of Odisha, in respect of the following specified income arising to that Commission, namely:- (a) Amount received as license fee from the licensees; (b) Amount received as application processing fee; and (c) Interest earned on Government Grants and on (a) (b) above. 2. The provisions of this notification shall be effective subject to the conditions that Odisha Electricity Regulatory Commission, - (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income remain unchanged throughout the financial years; and (c) shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961. 3. This notification shall be deemed to be 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. 300196/17/2022-ITA-I] VIKAS SINGH, Director Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.