Specified Income accrued to CCI exempted by CBDT
IN terms of sub-section 46 of section 10 of Income Tax Act, 1961, Central Government has notified Competition Commission of India established under section 7(1) of Competition Act, 2002 as one of the specified organizations for the purpose of the said clause and the following types of income earned by CCI as specified income (as explained in the Explanation to the said sub-section) not to be included in the total income computed for the previous year as per section 10 ibid:
(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.
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.
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.
CBDT Notification No. 12/2012, Dated: February 28, 2012