This notification, S.O. 986(E), issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes on March 5, 2020, effective from April 1, 2020, specifies securities eligible under sub-clause (d) of clause (viiab) of Section 47 of the Income-tax Act, 1961. The specified securities, listed on a recognized stock exchange within an International Financial Services Centre (IFSC) and regulated by the Securities and Exchange Board of India (SEBI) or the International Financial Services Centres Authority (IFSCA), include: (i) foreign currency denominated bonds; (ii) units of a Mutual Fund as specified under clause (23D) of section 10 of the Income-tax Act, 1961; (iii) units of a business trust; (iv) foreign currency denominated equity shares of a company; and (v) units of an Alternative Investment Fund, as defined in clause (b) of sub-regulation (1) of regulation (2) of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012. The notification number is 16/2020, F.No.370142/22/2019-TPL, and was issued by Gudrun Nehar, Director, Tax Policy Legislation.
Key Entities Referenced
Ministry of Finance: The Indian government ministry responsible for financial matters.
Department of Revenue: A department under the Ministry of Finance responsible for tax collection and administration.
Central Board of Direct Taxes: A body within the Department of Revenue responsible for direct tax policies.
Income-tax Act, 1961: The principal legislation governing income tax in India.
Securities and Exchange Board of India: The regulatory body for securities markets in India.
Securities and Exchange Board of India Act 1992: The act that established the Securities and Exchange Board of India.
International Financial Services Centres Authority: Authority to develop and regulate financial services in International Financial Services Centres in India
International Financial Services Centres Authority Act 2019: The act that established the International Financial Services Centres Authority.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. NO. D. L.-33004/99
xxxGIDHxxx
सी.जी.-डी.एलxx.x-GअI.D-E0x6x0x 32020-216575
CG-DL-E-06032020-216575
असाधारण
EXTRAORDINARY
भाग II—खण्ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 882] नई ददल्ली, बहृ स्ट्प जतिार, माच ड5, 2020/फाल्ग नु 15, 1941
No. 882] NEW DELHI, THURSDAY, MARCH 5, 2020/PHALGUNA 15, 1941
जित्त मत्रं ालय
(रािस्ट्ि जिभाग)
(केन्द्रीय प्रत्यक्ष कर बोड)ड
अजधसचू ना
नई ददल्ली, 5 माच,ड 2020
आय-कर
का.आ. 986(अ).—केन्द्रीय सरकार, आय-कर अजधजनयम,1961 (1961 का 43) की धारा 47 के खडं
(viiकख) के उपखंड (घ) द्वारा प्रदत्त िजियों का प्रयोग करते हुए उि उपखडं के प्रयोिनों के जलए जनम्नजलजखत
प्रजतभूजतयां अजधसूजचत करती ह,ै अथाडत ् :-
(i) जिदेिी करेंसी अंदकत मल्ू य का बंधपत्र ;
(ii) दकसी पारस्ट्पररक जनजध की यूजनट;
(iii) दकसी व्यिसाजयक न्द्यास की यूजनट;
(iv) दकसी कंपनी के जिदेिी करेंसी अंदकत मल्ू य िाल े साधारण िेयर;
(v) िैकजल्पक जिजनधान जनजध की यूजनट,
िो, यथाजस्ट्थजत, भारतीय प्रजतभूजत और जिजनमय बोडड अजधजनयम, 1992 (1992 का 15) या अंतरराष्ट्रीय जित्तीय
सेिा केन्द्र प्राजधकरण अजधजनयम, 2019 (2019 का 50) के अधीन भारतीय प्रजतभूजत और जिजनमय बोड ड द्वारा
1283 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
बनाए गए जिजनयमों के अनसु ार दकसी अंतरराष्ट्रीय जित्तीय सेिा केन्द्र म ें अिजस्ट्थत दकसी मान्द्यताप्राप्त स्ट्टाक
एक्सचेंि म ें सूचीबद्ध ह ैं।
स्ट्पष्टीकरण.- इस अजधसूचना के प्रयोिनों के जलए,-
(क) “पारस्ट्पररक जनजध” से आय-कर अजधजनयम, 1961 की धारा 10 के खंड (23घ) के अधीन जिजनर्ददष्ट कोई
पारस्ट्पररक जनजध अजभप्रेत ह ै।
(ख) “िैकजल्पक जिजनधान जनजध” का िही अथड ह ै िो भारतीय प्रजतभूजत और जिजनमय बोडड (िैकजल्पक
जिजनधान जनजध) जिजनयम, 2012 के जिजनयम 2 के उप-जिजनयम (1) के खडं (ख) म ें उसका ह ै।
2. यह अजधसूचना 1 अप्रलै , 2020 स े प्रिृत्त होगी ।
[अजधसूचना सं. 16/2020, फा. स.ं 370142/22/2019-टीपीएल]
न नेहार, जनदेिक (कर नीजत और जिधान)
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 5th March, 2020
INCOME-TAX
S.O. 986(E).—In exercise of the powers conferred by sub-clause (d) of clause (viiab) of
section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the
following securities for the purposes of the said sub-clause, namely:-
(i) foreign currency denominated bond;
(ii) unit of a Mutual Fund;
(iii) unit of a business trust;
(iv) foreign currency denominated equity share of a company;
(v) unit of Alternative Investment Fund,
which are listed on a recognised stock exchange located in any International Financial Services Centre
in accordance with the regulations made by the Securities and Exchange Board of India under the
Securities and Exchange Board of India Act 1992 (15 of 1992) or the International Financial Services
Centres Authority under the International Financial Services Centres Authority Act 2019 (50 of
2019), as the case may be.
Explanation.- For the purposes of this notification,─
(a) “Mutual Fund” means a Mutual Fund specified under clause (23D) of section 10 of the
Income-tax Act, 1961.
(b) “Alternative Investment Fund” shall have the meaning assigned to it in clause (b) of sub-
regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative
Investment Funds) Regulations, 2012.
2. This notification shall come into force with effect from 1st April 2020.
[Notification No. 16/2020, F.No.370142/22/2019-TPL]
GUDRUN NEHAR, Director (Tax Policy & Legislation)
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.