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of <h1>Tamil Nadu Electricity Regulatory Commission Gets Tax Exemption u/s 10(46) for Past Five Years.</h1> The Central Government has issued Notification No. 42/2024, exempting the Tamil Nadu Electricity Regulatory Commission from specified income under Section 10(46) of the Income-tax Act, 1961. This exemption applies to income from government grants, fees, penalties, and interest on bank deposits. Conditions for the exemption include that the Commission must not engage in commercial activities, maintain the nature of specified income, and file income returns as per Section 139(4C)(g). The notification is retroactively applicable for assessment years 2018-2019 to 2022-2023, covering financial years 2017-2018 to 2021-2022. No adverse effects are noted from this retrospective application.
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