Mar 3, 2012

Exemption of section 10(46) in statutory body/authority/board or commisson

Income tax department has issued a notification about section 10(46) exemption in statutory body/authority/board or commission. Income tax department ha issued notification no. 12/2012 dated 28-02-2012 about this issue. Full notification is as under.

 NOTIFICATION NO. 12/2012 [F.NO.142/15/2011-SO (TPL)]/S.O. 344(E), DATED 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.