This notification, No. 46/2016, issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, effective June 17, 2016, concerns income tax regulations. Specifically, it states that no tax deduction under Chapter XVII of the Income-tax Act, 1961, will be applied to payments received by securitization trusts, as defined in clause (d) of the Explanation to section 115TC of the same Act. These payments are those specified in clause (23DA) of section 10 of the Income-tax Act, 1961. The notification is issued under the powers conferred by subsection (1F) of section 197A of the Income-tax Act, 1961. The order was issued by Sandeep Singh, Under Secretary.
Key Entities Referenced
New Delhi: The city where the notification was issued.
June 17, 2016: Date of the notification.
Ministry of Finance: The ministry responsible for the notification.
Department of Revenue: Department under the Ministry of Finance.
Central Board of Direct Taxes: Organization issuing the notification.
Income-tax Act, 1961: The act of Indian Parliament being referenced in the notification.
Chapter XVII: Chapter of Income-tax Act, 1961 related to deduction of tax
Sandeep Singh: Under Secretary who signed the notification.
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[अिधसूचना सं. 46/2016/फा.स.ं 275/16/2016-आईटी(बी)]
संदीप Lसह, अवर सिचव
3080 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
MINSTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 17th June, 2016
No. 46 /2016
INCOME-TAX
S.O. 2142(E).—In exercise of the powers conferred by sub-section (1F) of section 197A of the
Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said ‘Act’), the Central Government hereby
notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the
nature specified in clause (23DA) of section 10 of the said Act received by any securitisation trust as defined
in clause (d) of the Explanation to section 115TC of the said Act.
2. This notification shall come into force from the date of its publication in the Official Gazette.
[Notification No. 46 /2016/F. No. 275/16/2016-IT(B)]
SANDEEP SINGH, Under Secy.
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and Published by the Controller of Publications, Delhi-110054.