Specified Income of CCI exempted under Income Tax: CBDT

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 8/2016

New Delhi, the 19th February, 2016

S. O. 530(E).- 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 purpose of the said clause, the Competition Commission of India, a Commission established under sub-section (1) of section 7 of the Competition Act, 2002 (12 of 2003), in respect of the following specified income arising to the said Commission, namely:-

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

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

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

2. This notification shall be effective subject to the following conditions, namely:-

(i) the Competition Commission of India does not engage in any commercial activity;

(ii) the activities and the nature of the specified income of the Competition Commission of India shall remain unchanged throughout the financial years; and

(iii) the Competition Commission of India shall file return of income in accordance with clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3.  This notification shall be applicable for the specified income of the Competition Commission of India for the financial years 2016-2017 to 2020-2021.

[ F.No.196/32/2014-ITA-I]

DEEPSHIKHA SHARMA, Director