CBDT Notifies ‘Petroleum and Natural Gas Regulatory Board’ for Sec. 10(46A) Exemption
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- Last Updated on 14 November, 2024
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Notification No. 118/2024, dated 12-11-2024
Section 10 of the Income Tax Act, 1961 provides an exclusive list of income which does not form part of the total income of the assessee. Clause 46A of section 10 relates to the exemption with respect to income arising to the notified body, authority, board, trust, or commission, not being a company if such person:
- Has been established or constituted by or under a Central Act, or State Act with one or more of the following purposes:
-
- dealing with and satisfying the need for housing accommodation;
- planning, development, or improvement of cities, towns and villages;
- regulating, or regulating and developing, any activity for the benefit of the general public; or
- regulating any matter, for the benefit of general public, arising out of the object for which it has been created; and
- Is notified by the Central Government.
In this respect, the Central Board of Direct Taxes (CBDT) has notified the “Petroleum and Natural Gas Regulatory Board” for the purposes of section 10(46A). This notification shall be effective from the assessment year 2024-25.
Click Here To Read The Full Notification
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