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. 1425(E).—In supersession of Gazette Notification No.1359(E) dated 28.04.2017, the Central Government in exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), hereby notifies for the purposes of the said clause, ‘Odisha Electricity Regulatory Commission’, Bhubaneswar, a commission established by the State Government of Odisha, in respect of the following specified income arising to that commission, namely:-
(a) Amount received in the form of Government grants;
(b) Amount received as Licence fee from the licensees;
(c) Amount received as application processing fee; and
(d) Interest earned on (a) to (c) above.
2. This notification shall be effective subject to the conditions that Odisha Electricity Regulatory Commission, Bhubaneswar,-
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified incom 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 d emed to have been applied for the assessment years 2018-2019 and shall apply with respect to the assessment years 2019-2020, 2020-2021 and 2021-2022.