Notification No. 5 /2022 [F.No.300196/13/2021-ITA-I] / SO 193(E)

Last updated: 21 January 2022

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The Central Board of Direct Taxes has issued Notification No. 5/2022, granting income tax exemption to the Assam Electricity Regulatory Commission. This exemption applies to government grants, license fees, petition fees, fines, and interest earned on these amounts. The notification is effective for the financial years 2021-2022 through 2025-2026, provided the commission adheres to specific conditions.

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

New Delhi

Notification No. 5/2022 - Income Tax

Dated: 13th January, 2022

S.O. 193(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, ‘Assam Electricity Regulatory Commission’ (PAN:AAAJA1243K), constituted by the Government of Assam, in respect of the following specified income arising to that Commission, namely:-

(a) amount received in the form of government grants;

(b) amount received as license fees, petition fees and fines; and

(c) interest earned on government grants, license fees, petition fees and fines kept as deposits or Fixed deposits with banks.

2. This notification shall be effective subject to the conditions that Assam Electricity Regulatory Commission -

(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.

3. This notification shall be applicable for the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.

[Notification No. 5 /2022 F.No.300196/13/2021-ITA-I]

SOURABH JAIN, Under Secy.

FAQ :

Notification No. 5/2022 grants an income tax exemption to the Assam Electricity Regulatory Commission for specific types of income.

The exemption covers amounts received as government grants, license fees, petition fees, fines, and any interest earned on these funds when kept as deposits with banks.

The Assam Electricity Regulatory Commission must not engage in commercial activities, its activities and income nature must remain unchanged, and it must file income tax returns as per section 139(4C)(g).

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

Notification No : 5/2022 - Income Tax
Source : https://www.incometaxindia.gov.in/communications/notification/notification-05-2022.pdf

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