CBDT Notifies ‘Tripura Electricity Regulatory Commission’ for exemption U/s. 10(46) – 49/2018 – Income Tax

(Department of Revenue)
(Central Board of Direct Taxes)
Notification No. 49/2018-Income Tax
New Delhi, the 14th September, 2018

S.O. 4863(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, ‘Tripura Electricity Regulatory Commission’, a commission constituted by the State Government of Tripura, in respect of the following specified income arising to the said Commission, namely:–

(a) Grants received from State Government;

(b) Annual License fee under Electricity Act, 2003;

(c) Petition fees under Electricity Act, 2003;

(d) Tender fee/Earnest money; and

(e) Interest on (a) to (d) above.

2. This notification shall be effective subject to the conditions that Tripura State 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 assessment year 2018-19 and shall apply with respect to the assessment years 2019-20, 2020-21, 2021-22 and 2022-23.

[Notification No. 49/2018/F.No.300196/32/2017-ITA-I]

Explanatory Memorandum:It is certified that no person is being adversely affected by giving retrospective effect to this notification.

Income Tax Notification PDF Format – Download Here