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The central government notifies that a state electricity...
Central government exempts state electricity regulatory commission from tax on specified income, subject to conditions, applied retroactively to 2022-23
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The central government notifies that a state electricity regulatory commission constituted by a state government is exempt from tax on specified income: government grants, fees levied under relevant electricity law, penalties under that law, and interest on bank deposits. The exemption is subject to conditions that the commission not undertake commercial activity, that the activities and nature of specified income remain unchanged across financial years, and that it files income-tax returns as required. The notification is applied retrospectively to the 2022-23 financial year, with an explanatory memorandum stating no person is adversely affected.
The central government notifies that a state electricity regulatory commission constituted by a state government is exempt from tax on specified income: government grants, fees levied under relevant electricity law, penalties under that law, and interest on bank deposits. The exemption is subject to conditions that the commission not undertake commercial activity, that the activities and nature of specified income remain unchanged across financial years, and that it files income-tax returns as required. The notification is applied retrospectively to the 2022-23 financial year, with an explanatory memorandum stating no person is adversely affected.
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