Specified income as per clause (46) of section 10 of the Income Tax Act, 1961 arising for Sikkim State Electricity Regulatory Commission is now being exempted

The powers conferred by clause (46) of section 10 of the Income Tax Act, 1961 which talks about tax exemption of any specified income arising to a body or authority or Board or Trust or Commission has been extended to the Sikkim State Electricity Regulatory Commission. The following specified income arising to that Commission is exempted- (a) Grants and aid received from the government; (b) Amount received in the form of Petition fees; Amount received in the form of license fees; and (c) Interest earned on investment or deposit. The above holds if It does not engage in any commercial activity, the activities and nature of the specified income remains unchanged throughout the financial years and the return of income is filed as per section 139 of the Income Tax Act, 1961.

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