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Date: 12-Oct-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under section 10(46) of the Income Tax Act, 1961 in the case of State Load Despatch Centre Unscheduled Interchange Fund West Bengal State Electricity Transmission Company Limited

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • This notification from the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, India, dated October 11, 2024, exempts specific income of the State Load Despatch Centre Unscheduled Interchange Fund (SLDC-UIF) - West Bengal State Electricity Transmission Company Limited (WB SETCL) from income tax under Section 10(46) of the Income Tax Act, 1961.

Key Changes

  • The Central Government notifies specific income of the SLDC-UIF - WB SETCL (PAN: AAIAS0980J) as exempt under Section 10(46) of the Income Tax Act, 1961. This includes:
  • a) Residual money in the unscheduled interchange pool balance account.
  • b) Income incidental to or related to unscheduled interchange.
  • c) Interest on fixed deposits and auto-sweep accounts.
  • This exemption is subject to conditions: The SLDC-UIF must not engage in commercial activities; its activities and the nature of its specified income must remain unchanged throughout the financial years; and it must file an income tax return as per Section 139(4C)(g) of the Income Tax Act, 1961.
  • The notification is applicable retrospectively for assessment years 2023-2024 and 2024-2025, corresponding to financial years 2022-2023 and 2023-2024 respectively. The government asserts that this retrospective application does not adversely affect any person.

Impact Analysis

Impact on SLDC-UIF - WB SETCL

  • Need to maintain compliance with the conditions stipulated in the notification to retain tax exemption.

Impact on the Government

  • Potential for increased transparency and accountability in the electricity sector due to the specified reporting requirements.

Impact on other Stakeholders

  • Minimal direct impact on other stakeholders. The notification is specific to the SLDC-UIF - WB SETCL.

Suggested Action Items for SLDC-UIF - WB SETCL

  • Consult with tax advisors to ensure ongoing compliance.

Key Entities Referenced

Ministry of Finance (Department of Revenue): The issuing authority of the notification. Central Board of Direct Taxes (CBDT): The body responsible for administering direct taxes in India. State Load Despatch Centre Unscheduled Interchange Fund - West Bengal State Electricity Transmission Company Limited (SLDC-UIF - WB SETCL): The entity benefiting from the tax exemption. PAN: AAIAS0980J Income Tax Act, 1961: The primary legislation under which the exemption is granted. Electricity Act, 2003: The act under which the SLDC-UIF was constituted.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-12102024-257813 CG-DxLx-xEG-I1D2H1x0x2x0 24-257813 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 4035] नई दिल्ली, िजनिार, अक्त बू र 12, 2024/आज‍ि न 20, 1946 No. 4035] NEW DELHI, SATURDAY, OCTOBER 12, 2024/ASVINA 20, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केन्द्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल् ली, 11 अक् तूबर, 2024 का.आ. 4398(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करते हुए, केन्द्रीय सरकार उि खंड के प्रयोिनों के जलए जिद्युत अजधजनयम, 2003 (2003 का 36) के अधीन गठित 'राज्य भार प्रषे ण केंर अनसडयलू ड इंटरचेंि जनजध - पजिम बगं ाल राज्य जिद्युत पारेषण कंपनी जलजमटेड' (पैन : AAIAS0980J) को उस रस्ट्ट को होन े िाली जनम्नजलजखत जिजनर्िडष्ट आय के संबंध म ेंअजधसूजचत करती है, अर्ाडत : (क) अनसडयलू ड इंटरचेंि पलू बलै सें खाते में अिजिष्ट धन राजि; (ख) अनसडयलू ड इंटरचेंि से संबंजधत अर्िा आकजस्ट्मक आय; और (ग) सािजध िमा और ऑटो-स्ट्िीप खातों पर ब्याि। 6547 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 2. यह अजधसूचना इन ितों के अधीन प्रभािी होगी दक राज्य भार प्रषे ण केंर अनसडयलू ड इंटरचेंि जनजध - पजिम बगं ाल राज्य जिद्युत पारेषण कंपनी जलजमटेड (पनै : AAIAS0980J) – (क) दकसी भी व्यािसाजयक गजतजिजध में िाजमल नहीं होगा; (ख) गजतजिजधयााँ और जनर्िष्टड आय की प्रकृजत पूरे जित्तीय िषों में अपठरिर्तडत रहगें ी; और (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4 ग) के खंड (छ) के प्रािधान के अनुसार आय की जििरणी िाजखल करेगा। 3. यह अजधसूचना जित्तीय िषड 2022-2023 और 2023-2024 स े संगत क्रमिः जनधाडरण िषड 2023-2024 और 2024-2025 के जलए लाग ूहोगी। [अजधसूचना स.ं 107 /2024/फा. सं. 300196/4/2024-आईटीए-I] जिकास ससंह, जनिेिक (आईटीए-I) स्ट्पष्टीकरण ज्ञापन यह प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को भूतलक्षी प्रभाि िेने से दकसी भी व्यजि पर प्रजतकूल प्रभाि नहीं पड़ रहा ह।ै MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 11th October, 2024 S.O. 4398(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, ‘State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited (PAN: AAIAS0980J), constituted under the Electricity Act, 2003 (36 of 2003) in respect of the following specified income arising to that trust, namely: (a) Residual money in the unscheduled interchange pool balance account; (b) Income incidental to or related to unscheduled interchange; and (c) Interest on fixed deposits and auto-sweep accounts. 2. This notification shall be effective subject to the conditions that the State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited (PAN: AAIAS0980J)- (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 have been applied for assessment years 2023-2024 and 2024-2025 relevant for the financial years 2022-2023 and 2023-2024 respectively. [Notification No. 107 /2024/F. No. 300196/4/2024-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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