Date: 2016-02-19Category: Extra OrdinaryState: Union GovernmentCountry: India
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 purpose of the said
Executive Summary:
This notification, issued by the Central Board of Direct Taxes, notifies the Competition Commission of India under Section 10(46) of the Income-tax Act, 1961. It specifies certain income types for the commission, including government grants, fees received under the Competition Act, 2002, and interest accrued on these grants and fees. This notification is applicable for the financial years 2016-2017 to 2020-2021.
Key Points / Main Content:
* **Notification Purpose:** Specifies income of the Competition Commission of India under Section 10(46) of the Income-tax Act, 1961.
* **Specified Income:**
* Amount received as Government grants.
* Fees received under the Competition Act, 2002.
* Interest accrued on Government grants and fees received under the Competition Act, 2002.
* **Conditions for Effectiveness:**
* The Competition Commission of India must not engage in any commercial activity.
* The activities and nature of the specified income of the Competition Commission of India shall remain unchanged throughout the financial years.
* The Competition Commission of India must file a return of income as per section 139(4C)(g) of the Income-tax Act, 1961.
* **Applicability Period:** This notification is applicable for the financial years 2016-2017 to 2020-2021.
Impact Analysis:
* **Competition Commission of India:**
* Impact: Specified income is now notified under Section 10(46) of the Income-tax Act, 1961, potentially affecting tax liabilities.
* Action Required: Comply with the conditions, including not engaging in commercial activity, maintaining consistent income activities, and filing income tax returns according to specified regulations.
* **Central Board of Direct Taxes:**
* Impact: Responsible for ensuring compliance with the notification.
* Action Required: Monitor the Competition Commission of India's adherence to the conditions outlined in the notification.
Key Entities Referenced
Competition Commission of India: A commission established under the Competition Act, 2002, and notified for specific income exemptions under the Income-tax Act, 1961.
Income-tax Act, 1961: An act of the Indian Parliament. Clause 46 of section 10 is mentioned in the context of power conferred to the Central Government.
Competition Act, 2002: An act of the Indian Parliament under which the Competition Commission of India was established. Section 7 is mentioned.
Ministry of Finance: The ministry under which the Department of Revenue and Central Board of Direct Taxes operate.
Central Board of Direct Taxes: The issuing authority of the notification, under the Department of Revenue, Ministry of Finance.
New Delhi: The location where the notification was issued.
Government grants: One form of income specified by the notification.
Department of Revenue: A department under the Ministry of Finance.
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EXTRAORDINARY
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PART II—Section 3—Sub-section (ii)
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No. 452] NEW DELHI, FRIDAY, FEBRUARY 19, 2016/ MAGHA 30 , 1937
िव(cid:7004)त मं(cid:7074)ालय
(राज(cid:7021)व िवभाग)
(के(cid:7008)(cid:7076) ीय (cid:7079)(cid:7004)य(cid:6979) कर बोड(cid:6981))
अिधसूचना
नई (cid:7408)द(cid:7016)ली, 19 फरवरी, 2016
का. आ. 530(अ).— आयकर अिधिनयम, 1961 (1961 का 43) क(cid:7409) धारा 10 क(cid:7409) उप-धारा (46) के तहत (cid:7079)द(cid:7004)त
शि(cid:7334)य(cid:7298) का (cid:7079)योग करते (cid:7263)ए, के(cid:7008) (cid:7076) सरकार, एत(cid:7375)ारा, उ(cid:6989) त उपवा(cid:6989) य के (cid:7079)योजन के िलए ‘भारतीय (cid:7079)ित(cid:7021) पधा(cid:6981) आयोग’’ को
इस आयोग को होने वाली िन(cid:7013)न िलिखत िविश(cid:7020) ट आय क(cid:7409) बाबत (cid:7079)ित(cid:7021)प धा(cid:6981) अिधिनयम, 2002 (2003 का 12) क(cid:7409) धारा 7
क(cid:7409) उप-धारा (1) के अंतग(cid:6981)त एक (cid:7021) थािपत आयोग घोिषत करती ह,ै यथा :-
(क)(cid:32) सरकार स े अनदु ान के (cid:7272)प म(cid:7286) (cid:7079)ा(cid:7009) त होने वाली रािश;
(ख)(cid:32) (cid:7079)ित(cid:7021) पधा(cid:6981) अिधिनयम, 2002 के अंतग(cid:6981)त (cid:7079)ा(cid:7009) त शु(cid:7016) क;
(ग)(cid:32) सरकारी अनुदान स े उदभूत होने वाल े (cid:7011) याज और (cid:7079)ित(cid:7021) पधा(cid:6981) अिधिनयम, 2002 के अंतग(cid:6981)त (cid:7079)ा(cid:7009) त श(cid:7016)ु क से उदभूत
होने वाले (cid:7011) याज ।
2. यह अिधसूचना िन(cid:7013)न िलिखत शत(cid:7300) के साथ लागू होगी, यथा :-
(i) भारतीय (cid:7079)ित(cid:7021)प धा(cid:6981) आयोग (cid:7408)कसी भी वािणि(cid:6996)यक (cid:7408)(cid:7059)याकलाप म(cid:7286) संल(cid:6991) न नह(cid:7277) होगा;
(ii) भारतीय (cid:7079)ित(cid:7021)प धा(cid:6981) आयोग के (cid:7408)(cid:7059)याकलाप और इसको होने वाली िवशेष आय के (cid:7090)ोत म (cid:7286) पूरे िव(cid:7004) तीय वष(cid:7300) म (cid:7286) कोई
प(cid:7407)रवत(cid:6981)न नह(cid:7277) होगा;
(iii) भारतीय (cid:7079)ित(cid:7021)प धा(cid:6981) आयोग आयकर अिधिनयम, 1961 क(cid:7409) धारा 139 क(cid:7409) उप-धारा (4ग) के उपवा(cid:6989) य (छ) के
(cid:7079)ावधान(cid:7298) के अनुसार अपना आयकर (cid:7407)रटन (cid:6981) भरा करेगा।
853 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
3. यह अिधसूचना िव(cid:7004) तीय वष(cid:6981) 2016-17 से 2020-21 तक भारतीय (cid:7079)ित(cid:7021) पधा(cid:6981) आयोग को होने वाली िवशेष आय पर
लाग ूहोगी।
[अिधसूचना सं. 8 /2016, फा.सं. 196/32/2014-आईटीए-I]
दीपिशखा शमा(cid:6981), िनदेशक
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 19th February, 2016
S. O. 530(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 purpose of the said clause, the
Competition Commission of India, 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)(cid:32) amount received in the form of Government grants;
(b)(cid:32) fees received under the Competition Act, 2002; and
(c)(cid:32) interest accrued on Government grants and interest accrued on fees received under the
Competition Act, 2002.
2. This notification shall be effective subject to the following conditions, namely:-
(i)(cid:32) the Competition Commission of India does not engage in any commercial activity;
(ii)(cid:32) the activities and the nature of the specified income of the Competition Commission of India
shall remain unchanged throughout the financial years; and
(iii)(cid:32) the Competition Commission of India shall file return of income in accordance with clause (g) of
sub-section (4C) of section 139 of the Income-tax Act, 1961.
3. This notification shall be applicable for the specified income of the Competition Commission of
India for the financial years 2016-2017 to 2020-2021.
[Notification No. 8 /2016, F.No.196/32/2014-ITA-I]
DEEPSHIKHA SHARMA, Director
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and Published by the Controller of Publications, Delhi-110054.