Fee, government grants received by CCI get tax exemption
NEW DELHI: Competition Commission has been exempted from paying taxes on fee and government grants received by it till financial year 2020-21.
The government has decided to extend certain income tax exemptions for the fair trade regulator as the earlier one ends this financial year.
According to a notification issued last week, certain specified income of the Competition Commission of India (CCI) would be exempt from income tax.
The amount received in the form of government grants and fees received under the Competition Act, 2002 would get exemption.
Besides, the exemption would be in place for the “interest accrued on government grants and interest accrued on fees received under the Competition Act, 2002”.
“This notification shall be applicable for the specified income of the Competition Commission of India for financial years 2016-2017 to 2020-21,” the Finance Ministry has said.
The notification would be effective subject to certain conditions, including that CCI does not engage in any commercial activity.
One of the youngest regulators in the country, CCI keeps a tab on unfair business practices in the market across sectors.
In recent times, the watchdog has stepped up efforts to clamp down on anti-competitive activities apart from taking steps to create more awareness about competition norms in the country.
While the Commission has been actively cracking the whip, many of the rulings have been challenged before the Competition Appellate Tribunal and various courts.
