Exemption from specified income U/s 10(46) – ‘Tamil Nadu Electricity Regulatory Commission, notified - 42/2024 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 42/2024 New Delhi, the 8th May, 2024 S.O. 1965(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, Tamil Nadu Electricity Regulatory Commission (PAN AAAGT0048J), a body constituted by the Government of Tamil Nadu, in respect of the following specified income arising to that Commission, namely: (a) Government Grants; (b) fees levied under clause (g) of sub-section (1) of Section 86 read with Section 181 of the Electricity Act, 2003; (c) penalties levied u/s 146 of the Electricity Act, 2003; and (d) Interest earned on bank deposits. 2. This notification shall be effective subject to the conditions that Tamil Nadu 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 assessment years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-2023 relevant for the financial years 2017-2018, 2018-2019, 2019-2020, 2020-2021 and 2021-2022 respectively. [F. No. 300196/40/2019-ITA-I] CASTRO JAYAPRAKASH T., Under Secy. Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.