Exemptions on Statutory Body/Authority/Board/Commission by Notified Body or Authority – Competition Commission Of India, Notification Issued on 28-2-2012

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, the Competition Commission of India, a Commission established under sub-section (1) of section 7 of the Competition Act, 2002 (Act 12 of 2003), in respect of the specified income arising to the said Commission, as follows:-

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

(b)  fee received under the Competition Act, 2002; and

(c)  interest income accrued on Government grants and interest accrued on fee received under the Competition Act, 2002.

2. This Notification shall be applicable for the specified income of the Competition Commission of India for the financial year 2011-12 to financial year 2015-16.

3. The Notification shall be effective where-

(i)  the activities and the nature of the specified income of the Competition Commission of India remain unchanged throughout the financial year, and

(ii)  the Competition Commission of India files return of income in accordance with clause (g) of sub-section (4C) section 139 of the Act.

 

Reference: Section 10(46) of the income Tax Act, 1961

Any specified income arising to a body or authority or Board or Trust or Commission (by whatever name called) which—

(a) has been established or constituted by or under a Central, State or Provincial Act, or constituted by the Central Government or a State Government, with the object of regulating or administering any activity for the benefit of the general public;

(b) is not engaged in any commercial activity; and

(c) is notified by the Central Government in the Official Gazette for the purposes of this clause.

Explanation.—For the purposes of this clause, “specified income” means the income, of the nature and to the extent arising to a body or authority or Board or Trust or Commission (by whatever name called) referred to in this clause, which the Central Government may, by notification in the Official Gazette, specify in this behalf;

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