Notification No. 72 /2021/F. No.300196/15/2020-ITA-I
The Central Government vide notification dated 9th June 2021 disclosed, in the exercise of the power conferred by Section 10 (46) of the Income Tax Act, 1961, several tax exemptions to the Competition Commission of India (CCI), a Commission established under sub-section (1) of Section 7 of the Competition Act, 2002. The notification shall apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024- 2025, and 2025-2026.
As in the notification, the exemption is eligible in respect of specified income arising to the CCI, such as,
Amount received in the form of Government grants,
Fee received under the Competition Act, 2002 and
Interest income accrued on (a) and (b) above.
It was also further notified that the notification shall be effective subject to the conditions that, the Competition Commission of India,
shall not engage in any commercial activity;
activities and the nature of the specified income shall remain unchanged throughout the financial years; and
shall file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961
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.