The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has issued Notification No. 118/2024, dated 12th November 2024, granting a tax exemption to the Petroleum and Natural Gas Regulatory Board (PNGRB) under Section 10(46A) of the Income Tax Act, 1961. This notification designates PNGRB as eligible for tax exemption beginning with the assessment year 2024-25. For this exemption to remain valid, PNGRB must continue to function as a board established under the Petroleum and Natural Gas Regulatory Board Act, 2006, serving one or more specified purposes outlined in Section 10(46A)(a) of the Income Tax Act. This recognition aligns with the government’s provisions to grant tax exemptions to specific regulatory bodies under defined conditions. The notification was issued by Vikas Singh, Director of Income Tax (ITA-I), specifying PNGRB’s status and PAN number (AAALP0582E) for reference.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 118/2024- Income Tax | Dated: 12th November, 2024
S.O. 4895(E).—In exercise of the powers conferred by sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as “the Income-tax Act”), the Central Government hereby notifies the “Petroleum and Natural Gas Regulatory Board” (PAN: AAALP0582E) (hereinafter referred to as “the assessee”), a board constituted under the Petroleum and Natural Gas Regulatory Board Act, 2006 (19 of 2006) for the purposes of the said clause.
2. This notification shall be effective from the assessment year 2024-25, subject to the condition that the assessee continues to be a board constituted under the Petroleum and Natural Gas Regulatory Board Act, 2006 (19 of 2006) with one or more of the purposes specified in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act.
[Notification No. 118/2024/F. No. 300195/12/2024-ITA-I]
VIKAS SINGH, Director, ITA-I
