CBDT grants Income Tax Exemption to Punjab Infrastructure Regulatory Authority u/s 10(46) [Read Notification]

The Central Board of direct Taxes (CBDT), vide notification no. S.O. 4817(E) issued on th November 2023 has notified the Income Tax exemption to Punjab Infrastructure Regulatory Authority under Section 10(46) of the Income Tax Act, 1961.

The income exempted from income tax are:

1. Grants received by or arising to the Authority from the State Government.
2. Sum received by the Authority from any sources including arbitration fees fixed by the Authority under the regulations for the proceedings before the Authority; and
3. Interest from banks.

However, this notification shall be effective subject to the conditions that Punjab Dental Council, Mohali :-

1. shall not engage in any commercial activity;
2. activities and the nature of the specified income shall remain unchanged throughout the financial years; and
3. shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

This notification shall be deemed to have been applied for assessment years 2022-2023 & 2023-2024 relevant to the financial years 2021-2022 & 2022-2023.

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