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Date: 24-Jul-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under section 10(46) of the Income tax Act 1961 in case of Himachal Pradesh State Load Despatch Centre

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • This gazette notification from the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, India, exempts certain income of the Himachal Pradesh State Load Despatch Centre (HPSLDC) from income tax under Section 10(46) of the Income Tax Act, 1961.

Key Changes

  • The HPSLDC (PAN: AAAAH7757E), a body established by the Government of Himachal Pradesh, is granted tax exemption on two types of income:
  • a) Income from fees/charges levied as per the Electricity Act, 2003, and fixed by the Himachal Pradesh Electricity Regulatory Commission.
  • b) Interest earned on bank deposits.
  • This exemption is subject to three conditions:
  • a) The HPSLDC will not engage in any commercial activity.
  • b) The nature of its activities and specified income will remain unchanged throughout the financial years.
  • c) The HPSLDC will file its income tax return as per Section 139(4C)(g) of the Income Tax Act, 1961.
  • The notification is applicable for assessment years 2021-2022, 2022-2023, and 2023-2024 (relevant to financial years 2020-2021, 2021-2022, and 2022-2023).
  • The notification clarifies that no person is adversely affected by its retrospective application.

Impact Analysis

Impact on Himachal Pradesh State Load Despatch Centre (HPSLDC)

  • Action Item: HPSLDC must ensure compliance with the conditions mentioned in the notification to maintain the tax exemption. This includes avoiding commercial activities and filing returns as required.

Impact on the Government of Himachal Pradesh

  • Action Item: The Government should monitor the HPSLDC's compliance with the conditions of the exemption.

Impact on the Indian Government (Central Board of Direct Taxes)

  • Action Item: The CBDT should monitor the HPSLDC's activities to ensure compliance and prevent misuse of the exemption.

Impact on other stakeholders

  • Minimal direct impact: The notification primarily affects the HPSLDC and the Government of Himachal Pradesh. There is no significant direct impact on other stakeholders.

Key Entities Referenced

Himachal Pradesh State Load Despatch Centre (HPSLDC): A body established by the Government of Himachal Pradesh. It is granted tax exemption under this notification. Ministry of Finance (Department of Revenue), Central Board of Direct Taxes (CBDT): The issuing authority of the notification. Responsible for the administration of direct taxes in India. Government of Himachal Pradesh: The entity that established the HPSLDC. Income Tax Act, 1961: The primary legislation under which the exemption is granted (Section 10(46)). Electricity Act, 2003: Relevant for determining one source of the HPSLDC's exempt income. Himachal Pradesh Electricity Regulatory Commission: Responsible for fixing the fees/charges that generate part of the HPSLDC's exempt income.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-24072024-255708 xxxGIDHxxx CG-DLxx-xEG-I2D4E0x7x2x0 24-255708 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 2797] नई दिल्ली, बुधिार, िुलाई 24, 2024/पश्रािण 2, 1946 No. 2797] NEW DELHI, WEDNESDAY, JULY 24, 2024/SHRAVANA 2, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 24 िुलाई, 2024 का.आ. 2934(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करते हुए, केंद्र सरकार, एतद्द्वारा उि खडं के प्रयोिनों के जलए ‘जिमाचल प्रििे राज्य भार प्रणे ण केंद्र, जिमला’ (पैन: AAAAH7757E), जिमाचल प्रिेि सरकार द्वारा गठित एक जनकाय, उस जनकाय से उद्भूत िोने िाली जनम्नजलजखत जनर्िष्टड आय के संबंध में अजधसूजचत करती ि,ै अर्ाडत्: (क) जिद्युत अजधजनयम, 2003 के अनुसार तर्ा जिमाचल प्रिेि जिद्युत जिजनयामक आयोग द्वारा जनधाडठरत िुल् क/पप्रभार के उिग्र् िण स ेआय, और (ख) बैंक िमा पर ब्याि। 2. यि अजधसूचना उन ितों के अधीन प्रभािी िोगी दक ‘जिमाचल प्रिेि राज्य भार प्रेणण केंद्र’– (क) दकसी भी व् यािसाजयक गजतजिजध में िाजमल निह िोगा; 4559 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (ख) इसकी गजतजिजधयां और जनर्िष्टड आय की प्रकृजत परू े जित्तीय िणड में अपठरिर्तडत रिगें ी; और (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4 ग) के खंड (छ) के उपबंध के अनुसार आय की जििरणी िाजखल करेगा। 3. यि अजधसूचना जित्तीय िणों 2020-2021, 2021-2022 एिं 2022-2023 के जलए प्रासंजगक जनधाडरण िणों 2021-2022, 2022-2023 एिं 2023-2024 के जलए लाग ूमानी िाएगी। [अजधसूचना सं. 95/2024/फा.सं.196/20/2021-आईटीए-I] जिकास ससंि, जनिेिक (आईटीए-I) स्ट्प ष्ट ीकरण ञापन यि प्रमाजणत दकया िाता ि ै दक इस अजधसूचना को भूतलक्षी प्रभाि िेने से दकसी भी व्यजि पर प्रजतकूल प्रभाि निह पड़ रिा ि।ै MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th July, 2024 S.O. 2934(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, ‘Himachal Pradesh State Load Despatch Centre, Shimla’, (PAN-AAAAH7757E), a body established by the Government of Himachal Pradesh, in respect of the following specified income arising to that body, namely: a) Income from levy of fees/charges as per Electricity Act, 2003 and as fixed by Himachal Pradesh Electricity Regulatory Commission, and b) Interest on bank deposits. 2. This notification shall be effective subject to the conditions that Himachal Pradesh State Load Despatch Centre - (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 deemed to be applicable for Assessment years 2021-2022, 2022-2023 and 2023- 2024 relevant to Financial years 2020-2021, 2021-2022 and 2022-2023. [Notification No. 95/2024/F.No.196/20/2021-ITA-I] VIKAS SINGH, Director (ITA-I) Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification. 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.

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