The Central Government on 12 November 2024 has provided income tax exemption to ‘Petroleum and Natural Gas Regulatory Board’. The Petroleum and Natural Gas Regulatory Board is granted income tax exemption as a non-profit entity.
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.