Income exempt u/s 10(46) notifies CBDT in August and September month. This article briefly explain Name of Board, nature of exempt income and conditions to avail those exemption u/s 10(46).
Andhra Pradesh Pollution Control Board
Andhra Pradesh Pollution Control Board’s specified income exempt u/s 10(46) notifies CBDT by bringing Notification No 103_2022 dated 24th August, 2022. CBDT notifies following specified income as exempt u/s 10(46) for Andhra Pradesh Pollution Control Board (PAN AAAJA1610Q), a Board constituted by the State Government of Andhra Pradesh under the Water (Prevention and Control of Pollution) Act, 1974 (6 of 1974) :
- Consent fee received under the Act
- Analysis fees or air ambient quality survey fees or noise level survey fees
- Reimbursement of the expense received from Central Pollution Control Board towards National Water Quality Monitoring Program and National Air Quality Monitoring Program like Schemes
- Bio medical authorization fees
- Cess reimbursement and cess appeal fees
- State or Central Government grants
- Fees received under the Right to Information Act, 2005 (22 of 2005)
- Sale of law books where no profit element is involved and the activity is not commercial in nature.
- Interest on loans and advances given to staff of the Board
- Miscellaneous income like sale of old scrap items, tender fees and Interest earned on above income.
Conditions to comply to avail exemptions
- Board shall not engage in commercial activity.
- Activities and the nature of the specified income shall remain unchanged throughout the financial years.
- Board shall file Income Tax return u/s 139(4C). Relevant form applicable is ITR – 7.
Notification further states “This notification shall be deemed to have been applied for the financial years 2016-2017, 2017- 2018, 2018-2019, 2019-2020 and 2020-2021 subject to the outcome of the Special Leave Petition filed by Central Board of Direct Taxes vide SLP(C) No. 014351/2022 in the Hon’ble Supreme Court of India against the Common order dated 26.07.2021 in W.P.4834/2020 and 15629/2020 by the High Court for the State of Telangana”
Haryana Electricity Regulatory Commission
Haryana Electricity Regulatory Commission’s specified income exempt u/s 10(46) notifies CBDT by bringing Notification No 108_2022 dated 5th September, 2022. CBDT notifies following specified income as exempt u/s 10(46) for Haryana Electricity Regulatory Commission (PAN AAAGH0072G), a commission constituted under the Haryana Electricity Reform Act, 1997 :
- Fees received under the Electricity Act, 2003
- Interest earned on government grants, loans and fees received under the Electricity Act.
Conditions to comply to avail exemptions
- Commission shall not engage in commercial activity.
- Activities and the nature of the specified income shall remain unchanged throughout the financial years.
- Board shall file Income Tax return u/s 139(4C). Relevant form applicable is ITR – 7.
This notification shall be applicable for the 5 financial years i.e. 2022-23, 2023-24, 2024-25, 2025-26 and 2026-27.
Central Registry of Securitisation Asset Reconstruction and Security Interest of India
Central Registry of Securitisation Asset Reconstruction and Security Interest of India’s (SARFAESI) specified income exempt u/s 10(46) notifies CBDT by bringing Notification No 107_2022 dated 5th September, 2022. CBDT notifies following specified income as exempt u/s 10(46) for Central Registry of Securitisation Asset Reconstruction and Security Interest of India (PAN AAECC5770G), a body constituted under the Central Registry of Securitisation Asset Reconstruction and Security Interest Act , 2002 :
- Fees income from securities interest transaction
- fee income from transactions on Central KYC (CKYC) Records Registry
- RTI application fee
- interest income earned on fixed deposits and on (a) to (c) above
Conditions to comply to avail exemptions
- Body shall not engage in commercial activity.
- Activities and the nature of the specified income shall remain unchanged throughout the financial years.
- Board shall file Income Tax return u/s 139(4C). Relevant form applicable is ITR – 7.
This notification shall be deemed to be applied in financial years i.e. 2018-19, 2019- 2020, 2020-2021 and 2021-2022 and shall be applicable with respect to the financial year 2022-2023