The notification S.O. 2107(E) issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, notifies the Reserve Bank of India (RBI) as a specified person under clause (ii) of the proviso to sub-section (3) of section 206AB of the Income-tax Act, 1961.
This notification is effective from the date of its publication in the Official Gazette, which is May 27, 2024.
Key Changes
The Reserve Bank of India is now explicitly identified as a person exempt from the higher tax deduction at source (TDS) or tax collection at source (TCS) rates under Section 206AB of the Income-tax Act, 1961.
This exemption is granted under clause (ii) of the proviso to sub-section (3) of section 206AB.
Impact Analysis
Impact on Reserve Bank of India (RBI)
Action Item: RBI should ensure compliance with all other applicable provisions of the Income-tax Act, 1961.
Impact on Entities Dealing with RBI
Action Item: Update internal systems and processes to reflect the RBI's exemption from Section 206AB.
Impact on Central Board of Direct Taxes (CBDT)
Action Item: Ensure that the notification is effectively communicated to all relevant stakeholders and tax authorities.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank of India, now notified as a specified person exempt from higher TDS/TCS rates under Section 206AB of the Income-tax Act, 1961.
Central Board of Direct Taxes (CBDT): The authority under the Department of Revenue, Ministry of Finance, responsible for issuing the notification and administering direct taxes.
Income-tax Act, 1961: The primary legislation governing income tax in India. Section 206AB pertains to higher TDS/TCS rates for non-filers of income tax returns.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-27052024-254350
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 2008] नई दिल्ली, सोमिार, मई 27, 2024/ज्य ष्े ठ 6, 1946
No. 2008] NEW DELHI, MONDAY, MAY 27, 2024/JYAISHTHA 6, 1946
जित्त मंत्रालय
(रािस्ट्ि जिभाग)
(केंद्रीय प्रत्यक्ष कर बोड)ड
अजधसचू ना
नई दिल्ली, 27 मई, 2024
(आय-कर)
का.आ . 2107(अ).—केंद्रीय सरकार, आय-कर अजधजनयम, 1961 (1961 का 43) की धारा 206कख के
उपखंड (3) के परंतकु के खंड (ii) द्वारा प्रित्त िजियों का प्रयोग करते हुए भारतीय ररििड बैंक को उि खंड म ें
जनर्दिष्ट व्यजि के रूप में अजधसूजचत करती ह।ै
2. यह अजधसूचना रािपत्र में उसके प्रकािन की तारीख से प्रिृत्त होगी ।
[स.ं 45/2024/एफ. सं. 370142/8/2024-टीपीएल]
खुिबू लाठर, अिर सजचि
3215 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 27th May, 2024
(INCOME-TAX)
S.O. 2107(E).—In exercise of the powers conferred by clause (ii) of the proviso to sub-section (3)
of section 206AB of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the
Reserve Bank of India to be a person referred to in the said clause.
2. This notification shall come into force from the date of its publication in the Official
Gazette.
[No. 45/2024/F. No 370142/8/2024-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.