These are the latest notifications issued by CBDT on Income Tax which have been published recently. The notifications are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.
S.O. 5178(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, ‘Madhya Pradesh Electricity Regulatory Commission’, Bhopal, a Commission constituted by the State Government of Madhya Pradesh, in respect of the following specified income arising to the said Commission, namely:--
(a) Amount received as petition fees;
(b) Amount received as fines and charges;
(c) Other incidental income received from sale of tender documents, processing fees, certified copying fees, sale of old newspapers, license fee, distribution of Tariff book, vehicle rent, interest on loans to staff; and
(d) Interest earned on (a) to (c ) above.
2. This notification shall be effective subject to the conditions that Madhya Pradesh Electricity Regulatory Commission, Bhopal,-
(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 apply with respect to the assessment year 2020-2021, 2021-2022, 2022-2023, 2023-2024 and 2024-25.