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of <h1>Central Government exempts state electricity regulatory commission under section 10(46) of Income-tax Act for specified incomes, retrospective to FY2022-23</h1> The Central Government notifies a state electricity regulatory commission as exempt under clause (46) of section 10 of the Income-tax Act, 1961 in respect of specified incomes: government grants, fees levied under the Electricity Act, penalties under the Electricity Act, and interest on bank deposits. The exemption is subject to conditions that the commission shall not engage in commercial activity, the activities and nature of specified income remain unchanged across financial years, and the commission files income-tax returns under the prescribed provision. The notification is given retrospective effect to financial year 2022-23 (assessment year 2023-24).
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