CORRIGENDUM

## Policy Analysis Report: Corrigendum to Income Tax Notification S.O. 2926(E) **1. Executive Summary:** This report analyzes a corrigendum (Notification No. 76/2022) to an existing Income Tax notification, S.O. 2926(E), dated June 28, 2022, published by the Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance. The corrigendum rectifies errors in Schedule II of the original notification, specifically involving the substitution of "Mumbai 2" with "Mumbai 4" and vice-versa in column 4, items v and vii. This correction aims to ensure accurate application of the original notification concerning income tax regulations, with a particular impact on entities operating in or associated with the specified Mumbai jurisdictions affected by this designation. **2. Introduction:** The purpose of this report is to provide a comprehensive analysis of a corrigendum (Notification No. 76/2022) to the Income Tax notification S.O. 2926(E), dated June 28, 2022. This analysis is based solely on the information provided in the official notification text. The report aims to inform stakeholders about the specific changes introduced by the corrigendum and their potential impact. **3. Policy Overview:** * **Original Policy:** The corrigendum amends the Income Tax notification S.O. 2926(E), dated June 28, 2022. The original notification is related to income tax regulations. * **Core Objective(s):** While the original notification's objectives are not explicitly stated in the provided text, it can be inferred that the parent notification (S.O. 2926(E)) aims to implement or modify some aspect of income tax law related to specific entities/locations. The corrigendum ensures the accurate application of these original objectives. **4. Background and Rationale:** The reason for this specific amendment is to correct errors in the original notification. The text indicates that the original notification, S.O. 2926(E), contained inaccuracies in Schedule II, column 4, items v and vii, where "Mumbai 2" and "Mumbai 4" were incorrectly assigned. This corrigendum rectifies those errors by swapping the designations, thus ensuring correct application of the regulation to the intended entities or jurisdictions. **5. Key Provisions / Changes:** This corrigendum introduces the following specific changes to the original notification: * **Specific Part Changed:** Schedule II, column 4, items v and vii of the original notification S.O. 2926(E). * **New Rule/Provision:** The corrigendum swaps the designations "Mumbai 2" and "Mumbai 4" in the specified items: * In item v, "Mumbai 2" is replaced with "Mumbai 4". * In item vii, "Mumbai 4" is replaced with "Mumbai 2". * **Difference/Effect:** The effect of this change is to correct the designation of "Mumbai 2" and "Mumbai 4" in relation to the criteria or entities listed in the original notification's Schedule II. This ensures the accurate application of the income tax regulations to the intended recipients or regions. Without the correction, entities or transactions associated with "Mumbai 2" would have been incorrectly treated as "Mumbai 4," and vice-versa, leading to potential misapplication of tax laws or regulations. **6. Target Audience and Stakeholders:** The target audience and stakeholders directly affected by these changes are likely entities or transactions operating within, or associated with, the "Mumbai 2" and "Mumbai 4" jurisdictions as defined by the original notification. These could include businesses, individuals, or financial institutions. The corrigendum ensures that the correct entities are subject to the intended income tax provisions as originally designed. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance is the responsible body for implementing and overseeing this corrigendum. * **Timelines/Procedures:** The corrigendum is effective from the date of the original notification (June 28, 2022), suggesting immediate application of the corrections. The notification's publication in the Gazette of India serves as the official communication of the change. All tax-related processes referencing the parent notification (S.O. 2926(E)) must now reflect these corrections. * **Implementation related to the changes:** Tax authorities and entities subject to the original notification must update their records and processes to reflect the corrected designations for "Mumbai 2" and "Mumbai 4." This may involve revising tax filings, assessments, and compliance procedures. **8. Expected Outcomes / Impact of Changes:** The likely intended outcome of these specific changes is to ensure accuracy and fairness in the application of the original income tax notification. The corrected designations will ensure that income tax rules are applied to the correct entities and transactions associated with the respective Mumbai jurisdictions. This will prevent potential errors, disputes, and inconsistencies in tax administration. **9. Conclusion:** The corrigendum (Notification No. 76/2022) to Income Tax notification S.O. 2926(E) is a necessary correction to ensure the accurate application of income tax regulations to entities and transactions associated with "Mumbai 2" and "Mumbai 4." While seemingly minor, this change is significant as it rectifies errors that could lead to misapplication of tax laws. Affected stakeholders should take note of these corrections and adjust their records and procedures accordingly. The CBDT's prompt action in issuing this corrigendum highlights the importance of accuracy and precision in tax administration.

Key Entities Referenced