Notification No. 72/2021 [F. No.300196/15/2020-ITA-I] / SO 2246(E)

Last updated: 12 June 2021

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This notification grants the Competition Commission of India (CCI) an exemption from income tax on specific income types. These include government grants, fees received under the Competition Act, and interest earned on these amounts. The exemption is valid for the financial years 2021-2022 through 2025-2026, provided the CCI adheres to certain conditions.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 9th June, 2021

S.O. 2246(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Competition Commission of India’ (PAN AAAGC0012M), a Commission established under sub-section (1) of Section 7 of the Competition Act, 2002 (12 of 2003), in respect of the following specified income arising to the said Commission, namely:-

(a) Amount received in the form of Government grants;

(b) Fee received under the Competition Act, 2002; and

2. This notification shall be effective subject to the conditions that Competition Commission of India,-

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

(d) shall file the Audit report along with the Return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied.

3. This notification shall apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.

[Notification No. 72 /2021/F. No.300196/15/2020-ITA-I]
PRAJNA PARAMITA, Director,

FAQ :

This notification from the Ministry of Finance grants an income tax exemption to the Competition Commission of India (CCI) for specific types of income.

The exemption applies to amounts received as government grants, fees collected under the Competition Act, 2002, and any interest earned on these two sources.

This notification is effective for the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025, and 2025-2026.

The CCI must not engage in commercial activity, its activities and income nature must remain unchanged, and it must file income tax returns and an audit report with specific certifications.

The exemption is granted under clause (46) of section 10 of the Income-tax Act, 1961.