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Date: 19-Mar-2024 Category: Extra Ordinary State: Union Government Country: India

Corrigendum to notification no 27 of 2024

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • This is a corrigendum to Notification G.S.R. 155(E) dated March 5, 2024, published by the Ministry of Finance, Department of Revenue (Central Board of Direct Taxes) concerning Income-tax regulations.
  • The corrigendum modifies clause 22 on page 2 of the original notification.

Key Changes

  • The corrigendum inserts the phrase "or any other amount not allowable under clause (h) of section 43B of the Income-tax Act, 1961" after the figures “2006” in clause 22 of the original notification G.S.R. 155(E).

Impact Analysis

Taxpayers

  • Action Item: Review existing tax positions and calculations to ensure compliance with the corrected clause 22, considering the impact of section 43B(h) of the Income-tax Act, 1961.

Tax Authorities

  • Action Item: Update internal guidance and training materials to reflect the changes introduced by this corrigendum.

Finance and Accounting Professionals

  • Action Item: Incorporate this change into tax planning and compliance processes.

Key Entities Referenced

Ministry of Finance (Department of Revenue): The government ministry responsible for revenue collection and tax administration. Central Board of Direct Taxes (CBDT): A body within the Department of Revenue responsible for direct tax policy and administration. Income-tax Act, 1961: The primary legislation governing income tax in India. Notification G.S.R. 155(E): The original notification dated March 5, 2024, which this corrigendum amends. Section 43B(h) of the Income-tax Act, 1961: A section of the Income-tax Act that specifies certain amounts that are not allowable as deductions.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-19032024-253230 xxxGIDHxxx CG-DLxx-xEG-I1D9E0x3x2x0 24-253230 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 209] नई दिल्ली, मगं लिार, मार् ड19, 2024/फाल्ग नु 29, 1945 No. 209] NEW DELHI, TUESDAY, MARCH 19, 2024/PHALGUNA 29, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केन्द्रीय प्रत्यक्ष कर बोडड) िजु िपत्र नई दिल् ली, 19 मार्,ड 2024 आय-कर सा.का.जन. 223(अ).—सा.का.जन. 155(अ) दिनांक 5 मार्,ड 2024 के तहत भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड (i) में प्रकाजित भारत सरकार, जित् त मंत्रालय, रािस्ट् ि जिभाग (केंरीय प्रत् यक्ष कर बोड)ड की अजधसूर्ना में पृष्ठ 2 पर, मि ड. के जलए, पदिए :- ‘ड. खंड 22 म,ें िब्ि “रकम”, के बाि िब्िों और अंकों “या आयकर अजधजनयम, 1961 की धारा 43ख के खंड (ि) के तहत कोई अन्द्य राजि िो स्ट्िीकायड नहीं ह”ै को अन्द्तस्ट््ाडजपत दकया िाएगा;’| [अजधसूर्ना स.ं 34/2024 फा. स.ं 370142/3/2024-टीपीएल] खुिबू लाठर, अिर सजर्ि 2117 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDA New Delhi the 19th March, 2024 INCOME-TAX G.S.R. 223(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes) published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R. 155(E), dated 5th March, 2024, at page 2, for item E, read:–– ‘E. in clause 22, after the figures “2006”, the words and figures “ or any other amount not allowable under clause (h) of section 43B of the Income-tax Act, 1961” shall be inserted;’. [Notification No. 34 /2024 F. No. 370142/3/2024-TPL] KHUSHBOO LATHER, Under Secy. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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