Central Government vide notification dated 17 April, 2023 has clarified that following income generated by ‘Maharashtra Electricity Regulatory Commission’ shall be exempted from income tax-
(a) Grants from Government of Maharashtra;
(b) Fees for annual licence;
(c) Interest on Fixed Deposit and Savings Account;
(d) Fees for application/petition filed;
(e) Fees for Documents;
(f) Penalty for delayed payment of Annual Licence Fees;
(g) Fees for RTI;
(h) Sale of Scrap;
(i) Interest on Loans and Advances given to employees;
(j) Fees for annual performance review;
(k) Fees for determination of tariff; and
(l) Fees for initial licence.
(m) Profit on sale of fixed assets;
(n) Charges collected for the personal use of office vehicle by employees;
(o) Interest on Income tax Refund; and
(p) Interest earned on Government Securities.
This notification shall apply with respect to the assessment years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
