MINISTRY OF FINANCE
(Department of Revenue)
( CENTRAL BOARD OF DIRECT TAXES)
Notification No. 45/2018-Income tax
New Delhi, the 14th September, 2018
S.O. 4859(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Petroleum and Natural Gas Regulatory Board’, New Delhi, a Board constituted by the Government of India, in respect of the following specified income arising to the said Board, namely:–
(a) Grant received from Central Government;
(b) All other grants, fees, penalty charges received;
(c) All sums received from such other sources as may be approved by the Central Government as per section 38 and 39 of the Petroleum and Natural Gas Regulatory Board Act, 2006; and
(d) Interest earned on deposits.
2. This notification shall be effective subject to the conditions that Petroleum and Natural Gas Regulatory Board, New Delhi,-
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
(c) shall file return of income in accordance with the provision of clause (g) of subsection (4C) of section 139 of the Income-tax Act, 1961.
3. This notification shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024.
[Notification No. 45/2018/F.No.300196/6/2018-ITA-I]
VINAY SHEEL GAUTAM, Under Secy.
