The Reserve Bank of India (RBI) is now notified as a person under clause (ii) of the proviso to sub-section (3) of section 206CCA of the Income-tax Act, 1961.
What it means
This notification comes into effect from the date of its publication in the Official Gazette, which is May 27, 2024.
The notification S.O. 2106(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 206CCA of the Income-tax Act, 1961.
Impact Analysis
Impact on RBI
RBI needs to understand the implications of being classified under this section, particularly concerning tax collection at source (TCS) and related compliance requirements.
Impact on Entities dealing with RBI
These entities need to assess if this notification affects their TCS obligations related to transactions with RBI.
Suggested Action Items
Tax advisors should analyze the impact of this notification on specific transactions involving RBI and provide guidance to affected parties.
Key Entities Referenced
Central Government: The issuer of the notification, acting through the Ministry of Finance, Department of Revenue, and Central Board of Direct Taxes.
Reserve Bank of India (RBI): The entity specifically notified under clause (ii) of the proviso to sub-section (3) of section 206CCA of the Income-tax Act, 1961.
Income-tax Act, 1961: The principal legislation governing income tax in India, specifically Section 206CCA.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-27052024-254349
CG-DxLx-xEG-I2D7H0x5x2x0 24-254349
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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.ं 2007] नई दिल्ली, सोमिार, मई 27, 2024/ज्य ष्े ठ 6, 1946
No. 2007] 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. 2106(अ).—केंद्रीय सरकार, आय-कर अजधजनयम, 1961 (1961 का 43) की धारा 206गगक
की उप-धारा (3) के परंतकु के खंड (ii) द्वारा प्रित्त िजियों का प्रयोग करते हुए भारतीय ररििड बैंक को उि
खंड में जनर्िडष्ट व्यजि के रूप में अजधसूजचत करती ह ै ।
2. यह अजधसूचना रािपत्र में उसके प्रकािन की तारीख से प्रिृत्त होगी ।
[स.ं 46/2024/एफ. स.ं 370142/8/2024-टीपीएल]
खुिबू लाठर, अिर सजचि
3214 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. 2106(E).—In exercise of the powers conferred by clause (ii) of the proviso to sub-section (3)
of section 206CCA 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. 46/2024 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.