Corrigendum

## Policy Analysis Report: Corrigendum to Notification No. 1422021 (F.No.30019642021ITAI) **1. Executive Summary:** This report analyzes a corrigendum issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (CBDT) to Notification No. 1422021, dated 31.12.2021 (F.No.30019642021ITAI). The corrigendum, published on January 13, 2022, replaces the word "Assessment" with "Financial" in paragraph 3 of the original notification. The core purpose is to correct a typographical error and ensure accuracy in the language of the original notification. The key finding is that this is a minor technical correction and is not expected to have a significant impact on substantive policy. **2. Introduction:** The purpose of this report is to provide an overview and analysis of the corrigendum to Notification No. 1422021, based solely on the provided text. This analysis will focus on the changes introduced by the corrigendum and their potential impact. **3. Policy Overview:** * This document is an *amendment* to an original policy: Notification No. 1422021 in F.No.30019642021ITAI dated 31.12.2021 * **Core Objective(s):** The specific objectives of the *original* policy (Notification No. 1422021) cannot be determined from the provided text of the *corrigendum*. However, the purpose of the corrigendum itself is clearly to rectify an error within the original policy document. **4. Background and Rationale:** The amendment is a corrigendum, suggesting that the original notification contained a typographical or clerical error. The likely reason for this specific amendment is to correct the use of the word "Assessment" with the more appropriate word "Financial," indicating an error in the initial drafting or publication of the notification. This correction is necessary to ensure the clarity and accuracy of the original policy and avoid potential misinterpretations. **5. Key Provisions / Changes:** This document is an amendment; therefore, this section focuses on the changes introduced. * **Specific Part Changed:** Paragraph 3 of Notification No. 1422021. * **New Rule/Provision:** The word "Assessment" is replaced with the word "Financial". * **Difference/Effect of the Change:** The amendment replaces "Assessment" with "Financial." The effect of this change is to correct an error. Without the full context of the original notification, the precise substantive impact of this change is unknown. However, based on the nature of the correction, it is reasonable to assume that the original use of "Assessment" was inaccurate or misleading, and "Financial" is more appropriate in the context of paragraph 3. **6. Target Audience and Stakeholders:** Based on the provided text, the target audience and stakeholders are likely those who are directly subject to or affected by the original Notification No. 1422021. This could include taxpayers, financial institutions, or other entities regulated by the Ministry of Finance and the Central Board of Direct Taxes. The correction itself is relevant to anyone who needs to interpret or apply the original notification. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Central Board of Direct Taxes (CBDT), a department of the Ministry of Finance, is responsible for issuing the corrigendum and, by extension, is responsible for the implementation of the original notification. * **Timelines/Procedures:** No specific timelines or procedures related to the *amendment* are specified in the text. The effective date of the *original* notification is 31.12.2021, but the amendment takes effect immediately upon publication (January 13, 2022). * The explanatory memorandum states that the corrigendum has retrospective effect, indicating it applies to the original notification as if the correction had been present from the beginning. **8. Expected Outcomes / Impact of Changes:** The likely intended outcome of this specific change is to eliminate ambiguity or misinterpretation arising from the incorrect use of the word "Assessment" in the original notification. The correction is intended to ensure that the original notification is interpreted correctly and applied as intended. The explanatory memorandum certifies that no person is being adversely affected by giving retrospective effect to this notification, suggesting that the change is purely technical and does not alter any substantive rights or obligations. **9. Conclusion:** The corrigendum to Notification No. 1422021 is a minor technical correction designed to rectify a typographical error. While the specific impact of the change is dependent on the content of the original notification, the correction is important for ensuring the accuracy and clarity of the policy. The corrigendum is not expected to have a significant adverse impact on stakeholders, as it primarily aims to eliminate potential misinterpretations.

Key Entities Referenced