CBDT Notifies Income Tax Exemption To Punjab Infrastructure Regulatory Authority

The Central Board of Direct Taxes (CBDT) has notified the Income Tax exemption to the Punjab Infrastructure Regulatory Authority under clause (46) of section 10 of the Income-tax Act, 1961.

The ‘Punjab Infrastructure Regulatory Authority’ is an authority constituted by the Government of Punjab.

The Board has exempted the Punjab Infrastructure Regulatory Authority from Income Tax in respect of Grants received by or arising to the Authority from the State Government; 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 Interest from banks.

The notification shall be effective subject to the various conditions.

Firstly, Punjab Infrastructure Regulatory Authority shall not engage in any commercial activity.

Secondly, activities and the nature of the specified income shall remain unchanged throughout the financial years.

Lastly, the Punjab Infrastructure Regulatory Authority shall file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

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

Notification No. 97/2023

Date: 6th November, 2023

Click Here To Read The Notification