SECTION 10(46) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY
NOTIFICATION NO. SO 696(E) [NO.8/2018 (F.NO.196/38/2015-ITA-I)], DATED 16-2-2018
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, the ‘Maharashtra Electricity Regulatory Commission’, a Commission constituted by the State Government of Maharashtra, in respect of the following specified income arising to that Commission, namely:—
| 1. | Fees for Annual Licence; | |
| 2. | Interest on Fixed Deposit and Savings Account; | |
| 3. | Fees for Application / Petition filed; | |
| 4. | Grants from Government of Maharashtra; | |
| 5. | Fees for Documents; | |
| 6. | Penalty for delayed payment of Annual Licence Fees; | |
| 7. | Fees for RTI; | |
| 8. | Sale of scrap. |
2. This notification shall be deemed to have been applied for the period 01.06.2011 to 31.03.2012 and for the financial years 2012-13 to 2014-15.
3. This Notification shall be effective subject to the following conditions, namely:—
| (a) | the ‘Maharashtra Electricity Regulatory Commission’ does not engage in any commercial activity; | |
| (b) | the activities and the nature of the specified income of ‘Maharashtra Electricity Regulatory Commission’ remain unchanged throughout the financial years; and | |
| (c) | the ‘Maharashtra Electricity Regulatory Commission’ files returns of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Act, Income-tax Act, 1961. |