CG exempts income u/s 10 in case of specified persons for 5 years | CBDT

Central Government has exercised its power conferred by Sec. 10(46) of Income Tax Act, 1961 to exempt the specified income of ‘Competition Commission of India’ (PAN AAAGC0012M), a Commission established under sub-section (1) of Section 7 of the Competition Act, 2002 (12 of 2003) subject to certain conditions.

This exemption is valid for income earned during 5 financial years i.e. 2021-2022, 2022-2023, 2023-2024, 2024- 2025 and 2025-2026

Specified Income includes the following :

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

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

(c) Interest income accrued on (a) and (b) above.  

Conditions to be complied by Competition Commission of India for availing exemption are :

(a) It 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) It 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. 

(d) It shall file the Audit report along with the Return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied. 


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