U/s 10(46) of IT Act 1961 - Central Government notifies ‘Maharashtra Electricity Regulatory Commission’ a commission established by the State Government of Maharashtra in respect of the specified income arising to that Commission - 34/2020 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 34/2020 New Delhi, the 23rd June, 2020 S.O. 2015(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, Maharashtra Electricity Regulatory Commission , Mumbai (PAN AAAGM0004R), a commission established by the State Government of Maharashtra, in respect of the following specified income arising to that Commission, namely:- (a) Grants from Government of Maharashtra; (b) Fees for annual licence; (c) Interest on Fixed Deposit and Savings Account; (d) Fees for application/petition filed; (e) Fees for Documents; (f) Penalty for delayed payment of Annual Licence Fees; (g) Fees for RTI; (h) Sale of Scrap; (i) Interest on Loans and Advances given to employees; (j) Fees for annual performance review; (k) Fees for determination of tariff; and (l) Fees for initial licence. 1 [ (m) Profit on sale of fixed assets; (n) Charges collected for the personal use of office vehicle by employees; (o) Interest on Income tax Refund; and (p) Interest earned on Government Securities. ] 2. This notification shall be effective subject to the conditions that Maharashtra Electricity Regulatory Commission, Mumbai,- (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. (d) shall file the Audit report along with the Return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied. 3. This notification shall apply with respect to the assessment years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026. [F.No.300196/53/2019-ITA-I] PRAJNA PARAMITA, Director ************** NOTES:- 1. Inserted vide NOTIFICATION NO. 22/2023 dated 17-04-2023 w.e.f. 23-06-2020