Quick Summary
On November 12, 2024, the Central Board of Direct Taxes (CBDT) issued a notification granting tax-exempt status to the Petroleum and Natural Gas Regulatory Board (PNGRB) under section 10(46A)(b) of the Income-tax Act, 1961. This exemption is set to be effective from the assessment year 2024-25, allo
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FAQ :
The Central Board of Direct Taxes (CBDT) has granted tax-exempt status to the PNGRB.
The tax exemption is effective from the assessment year 2024-25.
The exemption has been granted under section 10(46A)(b) of the Income-tax Act, 1961.
PNGRB must continue to fulfil its statutory functions and maintain its constituted role and objectives under the Petroleum and Natural Gas Regulatory Board Act, 2006.
The exemption is expected to free up PNGRB's resources, allowing them to be reallocated towards enhancing its regulatory infrastructure and oversight capabilities for the petroleum and natural gas sector.
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