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 Act, 1961
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Tax exemption notification for commission income tied to non-commerciality, unchanged income nature, and specified filing and audit requirements. Notification under section 10(46) notifies Maharashtra Electricity Regulatory Commission as a commission for specified incomes including grants, licence and application fees, interest receipts, sale of scrap, RTI fees, penalties, fees for tariff determination and performance review, with later-added items. Recognition is subject to conditions that the Commission shall not engage in commercial activity, the nature of specified income remain unchanged, and that the Commission file income tax returns and an audited report with a chartered accountant's certificate confirming compliance.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption notification for commission income tied to non-commerciality, unchanged income nature, and specified filing and audit requirements.
Notification under section 10(46) notifies Maharashtra Electricity Regulatory Commission as a commission for specified incomes including grants, licence and application fees, interest receipts, sale of scrap, RTI fees, penalties, fees for tariff determination and performance review, with later-added items. Recognition is subject to conditions that the Commission shall not engage in commercial activity, the nature of specified income remain unchanged, and that the Commission file income tax returns and an audited report with a chartered accountant's certificate confirming compliance.
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