The Central Board of Direct Taxes (CBDT) on November 06, 2023, issued a notification for the purposes of the ‘Punjab Infrastructure Regulatory Authority’ (PAN: AAAGT0931J) an Authority constituted by the Government of Punjab, in respect of the certain specified income arising to that body.
The following are the specified income arising to the body namely: -
• Grants received by or arising to the Authority from 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
• Interest from banks
This notification shall be effective subject to the conditions that Punjab Infrastructure Regulatory Authority namely: -
• Shall not engage in any commercial activity
• Activities and the nature of the specified income shall remain unchanged throughout the financial years
• 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 2022-23 and 2023-24 relevant for the financial years 2021-2022 and 2022-2023 respectively.
[Notification No. 4817(E)]
