This notification, S.O. 2015(E), issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, effective June 23, 2020, grants an exemption under clause 46 of section 10 of the Income-tax Act, 1961 to the Maharashtra Electricity Regulatory Commission (MERC), Mumbai (PAN: AAAGM0004R). The exemption applies to the following specified income streams of MERC: Grants from the Government of Maharashtra, fees for annual licenses, interest on fixed deposits and savings accounts, fees for application/petition filings, fees for documents, penalties for delayed payment of annual license fees, fees for RTI requests, sale of scrap, interest on loans and advances given to employees, fees for annual performance reviews, fees for determination of tariff, and fees for initial licenses.
The exemption is contingent upon MERC adhering to the following conditions: refraining from engaging in any commercial activity; maintaining consistent activities and income sources throughout the financial years; filing income tax returns in accordance with clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961; and submitting an audit report along with the return, duly verified by an accountant as per section 288(2) of the Income-tax Act, 1961, including a certificate from a chartered accountant confirming fulfillment of these conditions.
This notification is applicable for the assessment years 2021-2022, 2022-2023, 2023-2024, 2024-2025, and 2025-2026. The notification number is 34/2020 (F.No.300196/53/2019-ITA-I).
Key Entities Referenced
Income-tax Act, 1961: A law enacted by the Parliament of India concerning income tax.
Central Board of Direct Taxes: A government body under the Department of Revenue, Ministry of Finance responsible for direct tax administration.
Ministry of Finance: A ministry in the Government of India responsible for the country's finances.
Maharashtra Electricity Regulatory Commission, Mumbai: A commission established by the State Government of Maharashtra, India.
Government of Maharashtra: The state government of Maharashtra, India.
New Delhi: The capital of India.
ASHADHA: A month in the Hindu calendar, corresponding to June-July in the Gregorian calendar.
Mayapuri, New Delhi: A location of Government of India Press in Delhi, India.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. NO. D. L.-33004/99
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 1790] नई दिल्ली, मगं लिार, िनू 23, 2020/ आषाढ़ 2, 1942
No.1790] NEW DELHI, TUESDAY, JUNE 23, 2020/ASHADHA 2, 1942
जित्त मंत्रालय
(रािस्ट्ि जिभाग)
(केंद्रीय प्रत्यक्ष कर बोड)ड
अजधसचू ना
नई दिल्ली, 23 िून, 2020
का.आ. 2015(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त
िजियों का प्रयोग करत े हुए केंद्रीय सरकार एतद्द्वारा महाराष्ट्र सरकार द्वारा स्ट्थाजपत एक आयोग, ‘’महाराष्ट्र जिद्युत
जनयामक आयोग’’, मुंबई (पैन AAAGM0004R) को उि खंड के प्रयोिनाथड उस आयोग को उद्भूत होन े िाली
जनम्नजलजखत जिजनर्िष्टड आय के संबंध म ें अजधसूजचत करती ह:ै-
क. महाराष्ट्र सरकार स े अनुिान;
ख. िार्षडक लाइसेंस के जलए िल्ु क
ग. सािजध िमा तथा बचत खाता पर ब्याि;
घ. िायर दकए गए आिेिन/िाजखल जपटीिन के जलए िल्ु क;
ङ. िस्ट्तािेिों के जलए िल्ु क;
च. िार्षडक लाइसेंस िुल्क के जिलंब स े दकए गए भगु तान के जलए अथडिंड;
छ. आईटीआई के जलए िल्ु क;
2750 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC.3(ii)]
ि. स्ट्रैप की जबरी;
झ. कमडचाररयों को दिए गए ऋणों तथा अजिमों पर ब्याि
ञ. िार्षडक जनष्पािन पुनरीक्षा के जलए िुल्क;
ट. प्रिुल्क के जनधाडरण के जलए िल्ु क; तथा
ठ. आरंजभक लाइसेंस के जलए िल्ु क
2. यह अजधसूचना उन ितों के अधीन प्रभािी होगी दक महाराष्ट्र जिद्युत जनयामक आयोग, मुंबई, -
क. दकसी भी िाजणजययक गजतजिजध म ें िाजमल नहीं होगा;
ख. जिजनर्िष्टड आय की प्रकृजत तथा गजतजिजधयां पूरे जित्त िषड के िौरान अपररिर्तडत रहगें ी; तथा
ग. आयकर अजधजनयम, 1961 की धारा 139 की उपधारा (4ग) के खंड (छ) के प्रािधानों के अनुसार
आय की जििरणी िायर करेगा।
घ. सनिी लेखाकार स े इस प्रमाणपत्र के साथ दक उपरोि ितें संतोषनिक ह,ैं सजहत आयकर
अजधजनयम, 1961 की धारा 288 (2) के स्ट्पष्टीकरण म ें यथा प्रिान की गई लेखाकार द्वारा जिजधित सत्याजपत की गई
लेखा परीक्षा ररपोट ड िायर करेगा।
3. यह अजधसूचना कर जनधारड ण िषड 2021-2022, 2022-2023, 2023-2024, 2024-2025 तथा
2025-2026 के संबंध म ेंलाग ूहोगी।
[अजधसूचना. स.ं 34/2020/फा.स.ं 300196/53/2019-आईटीए-I]
प्रज्ञा पारजमता, जनिेिक
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 23rd June, 2020
S.O. 2015(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, ‘Maharashtra
Electricity Regulatory Commission’, Mumbai (PAN AAAGM0004R), a commission established by the State
Government of Maharashtra, in respect of the following specified income arising to that Commission, namely:-
(a) Grants from Government of Maharashtra;
(b) Fees for annual licence;
(c) Interest on Fixed Deposit and Savings Account;
(d) Fees for application/petition filed;
(e) Fees for Documents;
(f) Penalty for delayed payment of Annual Licence Fees;
(g) Fees for RTI;
(h) Sale of Scrap;
(i) Interest on Loans and Advances given to employees;
(j) Fees for annual performance review;
(k) Fees for determination of tariff; and
(l) Fees for initial licence.[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3
2. This notification shall be effective subject to the conditions that Maharashtra Electricity Regulatory
Commission, Mumbai,-
(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 assessment years 2021-2022, 2022-2023, 2023-2024,
2024-2025 and 2025-2026.
[Notification. No. 34/2020/F.No.300196/53/2019-ITA-I]
PRAJNA PARAMITA, Director
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.