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of <h1>Petroleum and Natural Gas Regulatory Board Gains Tax Exemption Under Income-tax Act Section 10(46) for 2024-25.</h1> The Central Government has issued Notification No. 118/2024, granting the Petroleum and Natural Gas Regulatory Board an exemption from specified income under Section 10(46) of the Income-tax Act, 1961. This exemption applies from the assessment year 2024-25, provided the board remains constituted under the Petroleum and Natural Gas Regulatory Board Act, 2006, and continues to fulfill purposes outlined in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act. The exemption is subject to the board maintaining its status and objectives as specified in the notification.
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