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of <h1>Income Exemption for Government Regulatory Authority Under Section 10(46) for FY 2011-2016</h1> The Central Government exempts the specified income of a government-established regulatory authority under section 10(46) of the Income-tax Act, 1961, for the financial years 2011-2012 to 2015-2016. The exempt income includes government grants, membership fees from regulatory commissions, and interest on bank deposits. Conditions for exemption require the authority to refrain from commercial activities, maintain consistent income nature and activities throughout the years, and file income tax returns as prescribed. The notification is issued under powers granted by the Electricity Act, 2003, and the Income-tax Act, 1961, with no adverse effect on any person due to its retrospective application.
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