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Date: 2022-04-27 Category: Extra Ordinary State: Union Government Country: India

Notification of countries for the purposes of sub clause (ii) of clause (a) of Explanation to clauses (viiac) and (viiad) of section 47 of the Income tax Act, 1961

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

Okay, I understand the task. Let's analyze the provided policy text and generate the report. **Report: Analysis of Income-tax Notification S.O. 1951(E) - List of Countries/Territories** **1. Executive Summary:** This report analyzes Notification S.O. 1951(E), a publication by the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, Government of India. The notification lists countries and specified territories recognized for the purpose of clauses (viia) and (viad) of section 47 of the Income-tax Act, 1961. The key finding is the comprehensive list provided, impacting the application of tax regulations related to income-tax exemptions, concessions, and liabilities related to transactions with entities in those listed countries and territories. This report aims to inform stakeholders about the specific countries and territories affected by this notification. **2. Introduction:** This report provides an overview and analysis of Notification S.O. 1951(E) issued by the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, Government of India, regarding the list of countries and specified territories for specific sections of the Income-tax Act, 1961. The analysis is based solely on the text of the notification provided. **3. Policy Overview:** * This notification is likely an *amendment* or an *update* of a previous policy, although the original policy is not explicitly referenced in this provided text. * **Core Objective(s):** The primary objective, as directly stated, is to *notify* the countries and specified territories to which the provisions of sub-clause (ii) of clause (a) of Explanation to clauses (viia) and (viad) of Section 47 of the Income-tax Act, 1961, apply. In essence, to provide a definitive list for tax purposes. **4. Background and Rationale:** Since this appears to be a new notification or amendment, the likely rationale is to provide clarity and an updated list of countries and territories that meet the requirements under Section 47 of the Income-tax Act, 1961, specifically concerning clauses (viia) and (viad). This suggests possible changes in international relations, economic circumstances, or legal interpretations that necessitate the revised listing. Without further context about the specific implications of clauses (viia) and (viad), it's difficult to determine more specific reasons for this notification. **5. Key Provisions / Changes:** * This notification provides a comprehensive list of countries and territories, numbering 150 in total. * The list is organized in a table format, with two columns: "Name of Country" and "Specified Territory," each sequentially numbered. * The key provision is the **recognition of these listed countries and territories** for the specific clauses (viia) and (viad) of section 47 of the Income-tax Act, 1961. This means that transactions or other relevant activities with entities located in these countries and territories will be treated according to the rules defined in those sections of the Income-tax Act. The exact nature of those rules isn't clear from this notification *alone*. **6. Target Audience and Stakeholders:** The target audience and stakeholders include: * **Taxpayers:** Individuals, corporations, and other entities subject to the Income-tax Act, 1961, who have financial or business dealings with entities in the listed countries and territories. * **Tax Professionals:** Accountants, tax advisors, and lawyers who advise clients on tax matters related to international transactions. * **The Income Tax Department:** The government agency responsible for administering and enforcing the Income-tax Act, 1961. * **Businesses with international operations:** Especially those involved in activities that fall under the clauses referenced in the notification. **7. Implementation Aspects (Inferred):** * **Responsible agency:** The Central Board of Direct Taxes (CBDT) is the responsible body, as indicated by the notification's origin. * **Timelines:** The notification takes effect from the date of its publication in the Official Gazette, which is stated as April 27, 2022. * The implementation involves applying the provisions of clauses (viia) and (viad) of section 47 of the Income-tax Act, 1961, based on this definitive list of countries and territories. **8. Expected Outcomes / Impact of Changes:** The intended outcome is to provide a clear and updated listing of countries and specified territories. The specific impact hinges on the content of Section 47 (viia) and (viad). Broadly, this list determines which international transactions are eligible for certain tax treatments. This will affect tax liabilities, exemptions and reporting requirements for individuals and businesses. **9. Conclusion:** Notification S.O. 1951(E) provides a crucial and updated list of countries and territories for the application of specific clauses within Section 47 of the Income-tax Act, 1961. This notification affects entities involved in international transactions with the listed countries and territories, impacting their tax obligations and compliance requirements. The accuracy and completeness of this list are essential for fair and consistent tax administration. Taxpayers should consult the relevant sections of the Income-tax Act, 1961, and seek professional advice to understand the specific implications of this notification on their financial activities.

Key Entities Referenced

NEW DELHI: Place of publication of the gazette notification. Incometax Act, 1961: A law mentioned in the notification. Specifically section 47. Central Government: The governing authority issuing the notification. Bahrain: A country listed in the table of specified territories. Albania: A country listed in the table of specified territories. Bangladesh: A country listed in the table of specified territories. Barbados: A country listed in the table of specified territories. Belarus: A country listed in the table of specified territories. Belgium: A country listed in the table of specified territories. Belize: A country listed in the table of specified territories. Bermuda: A specified territory listed in the table. Bhutan: A country listed in the table of specified territories. Australia: A country listed in the table of specified territories. Austria: A country listed in the table of specified territories. Azerbaijan: A country listed in the table of specified territories. Bahamas: A country listed in the table of specified territories. Brazil: A country listed in the table of specified territories. British Virgin Islands: A specified territory listed in the table. Brunei Darussalam: A country listed in the table of specified territories. Bulgaria: A country listed in the table of specified territories. Cabo Verde: A country listed in the table of specified territories. Cameroon: A country listed in the table of specified territories. Canada: A country listed in the table of specified territories. Cayman Islands: A specified territory listed in the table. Chile: A country listed in the table of specified territories. China: A country listed in the table of specified territories. Colombia: A country listed in the table of specified territories. Cook Islands: A specified territory listed in the table. Croatia: A country listed in the table of specified territories. Curacao: A specified territory listed in the table. Cyprus: A country listed in the table of specified territories. Czech Republic: A country listed in the table of specified territories. Denmark: A country listed in the table of specified territories. Dominican Republic: A country listed in the table of specified territories. Dominica: A country listed in the table of specified territories. Ecuador: A country listed in the table of specified territories. El Salvador: A country listed in the table of specified territories. Estonia: A country listed in the table of specified territories. Kingdom of Eswatini: A country listed in the table of specified territories. Ethiopia: A country listed in the table of specified territories. Faroe Islands: A specified territory listed in the table. Fiji: A country listed in the table of specified territories. Finland: A country listed in the table of specified territories. France: A country listed in the table of specified territories. Georgia: A country listed in the table of specified territories. Germany: A country listed in the table of specified territories. Ghana: A country listed in the table of specified territories. Gibraltar: A specified territory listed in the table. Greece: A country listed in the table of specified territories. Green Land: A country listed in the table of specified territories. Grenada: A country listed in the table of specified territories. Guatemala: A country listed in the table of specified territories. Guernsey: A specified territory listed in the table. Hong Kong: A specified territory listed in the table. Hungary: A country listed in the table of specified territories. Iceland: A country listed in the table of specified territories. Indonesia: A country listed in the table of specified territories. Iran: A country listed in the table of specified territories. Ireland: A country listed in the table of specified territories. Isle of Man: A specified territory listed in the table. Israel: A country listed in the table of specified territories. Italy: A country listed in the table of specified territories. Jamaica: A country listed in the table of specified territories. Japan: A country listed in the table of specified territories. Jersey: A specified territory listed in the table. Jordan: A country listed in the table of specified territories. Kazakhstan: A country listed in the table of specified territories. Kenya: A country listed in the table of specified territories. Korea: A country listed in the table of specified territories. Kuwait: A country listed in the table of specified territories. Kyrgyzstan: A country listed in the table of specified territories. Latvia: A country listed in the table of specified territories. Lebanon: A country listed in the table of specified territories. Liberia: A country listed in the table of specified territories. Liechtenstein: A country listed in the table of specified territories. Lithuania: A country listed in the table of specified territories. Luxembourg: A country listed in the table of specified territories. Macao SAR: A specified territory listed in the table. Macedonia: A country listed in the table of specified territories. Malaysia: A country listed in the table of specified territories. Maldives: A country listed in the table of specified territories. Malta: A country listed in the table of specified territories. Marshall Islands: A country listed in the table of specified territories. Mauritius: A country listed in the table of specified territories. Mexico: A country listed in the table of specified territories. Moldova: A country listed in the table of specified territories. Monaco: A country listed in the table of specified territories. Montenegro: A country listed in the table of specified territories. Montserrat: A specified territory listed in the table. Morocco: A country listed in the table of specified territories. Mozambique: A country listed in the table of specified territories. Myanmar: A country listed in the table of specified territories. Namibia: A country listed in the table of specified territories. Nauru: A country listed in the table of specified territories. Nepal: A country listed in the table of specified territories. Netherlands: A country listed in the table of specified territories. New Zealand: A country listed in the table of specified territories. Nigeria: A country listed in the table of specified territories. Niue: A specified territory listed in the table. Norway: A country listed in the table of specified territories. North Macedonia: A country listed in the table of specified territories. Panama: A country listed in the table of specified territories. Pakistan: A country listed in the table of specified territories. Paraguay: A country listed in the table of specified territories. Peru: A country listed in the table of specified territories. Poland: A country listed in the table of specified territories. Portugal: A country listed in the table of specified territories. Qatar: A country listed in the table of specified territories. Romania: A country listed in the table of specified territories. Russia: A country listed in the table of specified territories. Saint Kitts and Nevis: A country listed in the table of specified territories. Saint Lucia: A country listed in the table of specified territories. Saint Vincent and the Grenadines: A country listed in the table of specified territories. San Marino: A country listed in the table of specified territories. Saudi Arabia: A country listed in the table of specified territories. Samoa: A country listed in the table of specified territories. Senegal: A country listed in the table of specified territories. Serbia: A country listed in the table of specified territories. Seychelles: A country listed in the table of specified territories. Singapore: A country listed in the table of specified territories. Sint Maarten: A specified territory listed in the table. Slovak Republic: A country listed in the table of specified territories. Slovenia: A country listed in the table of specified territories. South Africa: A country listed in the table of specified territories. Spain: A country listed in the table of specified territories. Sri Lanka: A country listed in the table of specified territories. Sudan: A country listed in the table of specified territories. Sweden: A country listed in the table of specified territories. Switzerland: A country listed in the table of specified territories. Syrian Arab Republic: A country listed in the table of specified territories. Taipei: A specified territory listed in the table. Tajikistan: A country listed in the table of specified territories. Tanzania: A country listed in the table of specified territories. Thailand: A country listed in the table of specified territories. Trinidad and Tobago: A country listed in the table of specified territories. Tunisia: A country listed in the table of specified territories. Turkey: A country listed in the table of specified territories. Turkmenistan: A country listed in the table of specified territories. Turks and Caicos: A specified territory listed in the table. Uganda: A country listed in the table of specified territories. Ukraine: A country listed in the table of specified territories. United Kingdom: A country listed in the table of specified territories. United States: A country listed in the table of specified territories. Uzbekistan: A country listed in the table of specified territories. Vanuatu: A country listed in the table of specified territories. Ministry of Finance: The ministry under which the Department of Revenue operates. Department of Revenue: The department responsible for the notification regarding Income Tax. CENTRAL BOARD OF DIRECT TAXES: The issuing authority for the notification. UMME FARDINA ADIL: Under Secretary who signed the notification. Government of India Press, Ring Road, Mayapuri, New Delhi: Place of Printing Delhi: Place of publication.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-27042022-235384 xxxGIDHxxx CG-DL-E-27042022-235384 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 1858] नई दिल्ली, बुधिार, अप्रलै 27, 2022/ििै ाख 7, 1944 No. 1858] NEW DELHI, WEDNESDAY, APRIL 27, 2022/VAISAKHA 7, 1944 जित्त ं्ं ाल (रािस्ट्ि जिभाग) (केंद्री प्रत् क्ष कर बोड)ड अजधसचू ना नई दिल् ली, 27 अप्रैल, 2022 (आ -कर) का.आ. 1951(अ).— केंद्री सरकार, आ -कर अजधजन ं, 1961 (1961 का 43) की धारा 47 के खंड (7कग) के स्ट्पष्टीकरण के खडं (क) के उपखंड (ii) और खंड (7कघ) द्वारा प्रित् त िज‍त ों का प्र ोग करते हुए, उक्त खंड के प्र ोिनों के जलए, नीच े िी गई सारणी के स्ट्तंभ (2) ं ें उजल्लजखत जनम्नजलजखत िेिों और जिजनर्िष्टड राज् क्षे्ों को अजधसूजचत करती ह,ै अर्ाडत:्- सारणी क्रं सं. ििे /जिजनर्िष्ड ट राज् क्ष्े का नां क्रं सं. ििे /जिजनर्िष्ड ट राज् क्ष्े का नां )1( )2( 5. अिेंटाइना 1. अलबेजन ा 6. अरंेजन ा 2. एंडौरा 7. अरुबा 3. एंटटगुआ और बारबूडा 8. आस्ट् रेजल ा 4. एंगुजल ा 9. आजस्ट् र ा 2896 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] क्रं सं. ििे /जिजनर्िष्ड ट राज् क्ष्े का नां क्रं सं. ििे /जिजनर्िष्ड ट राज् क्ष्े का नां 10. अज़रबेिान 42. अल साल्िाडोर 11. बाहंास 43. एस्ट्टोजन ा 12. बहरीन 44. ककंगडं आफ एस्ट्िातीनी 13. बांग्लािेि 45. इजर् ोजप ा 14. बरबाडोस 46. फैरो द्वीप संूह 15. बेलाररूस 47. दफज़ी 16. बेजल्ि ं 48. दफनलैंड 17. बेलीज़ 49. फ्ांस 18. बरंूडा 50. िार्िड ा 19. भूटान 51. िंडनी 20. बोजि ा और हिगे ोजिना 52. घाना 21. बोत्सिाना 53. जगबराल् टर 22. ब्रािील 54. ूनान 23. जब्रटटि िर्िडन आइलैंड 55. ग्रीन लैंड 24. ब्रुनेई िारुसलां 56. ग्रेनाडा 25. बुल्गाटर ा 57. ग्िाटेंाला 26. कबो िेडे 58. गुएर्न्से 27. कैंरून 59. हांगकांग 28. कनाडा 60. हगं री 29. केंैन आइलडैं 61. आइसलडैं 30. जचली 62. इंडोनेजि ा 31. चीन 63. ईरान 32. कोलंजब ा 64. आ रलैंड 33. कुक आइलैंड 65. इसले ऑफ ंैन 34. क्रोएजि ा 66. इज़राइल 35. कुराकाओ 67. इटली 36. साइप्रस 68. िंैका 37. चेक गणराज् 69. िापान 38. डेनंाकड 70. िसी 39. डोजंजनकन गणराज् 71. िाडडन 40. डोजंजनका 72. कज़ादकस्ट् तान 41. ईक्वाडोर 73. केर्न् ा[भाग II—खण् ड 3(ii)] भारत का रािप् : असाधारण 3 क्रं सं. ििे /जिजनर्िष्ड ट राज् क्ष्े का नां क्रं सं. ििे /जिजनर्िष्ड ट राज् क्ष्े का नां 74. कोटर ा 106. उत्तरी ंैसीडोजन ा 75. कुिैत 107. पनांा 76. दकर्गडस्ट् तान 108. पादकस्ट्तान 77. लातजि ा 109. पैराग्िे 78. लेबनान 110. पेरु 79. लाईबेरी ा 111. पौलैंड 80. जलकटेनस्ट् टेन 112. पुतडगाल 81. जलर्आु जन ा 113. कतर 82. ल‍स ंबग ड 114. रोंाजन ा 83. ंकाओसार 115. रूस 84. ंैसीडोजन ा 116. सेंट दकटस एंड नेिीस 85. ंलेजि ा 117. सेंट लुजस ा 86. ंालिीि 118. सेंट जिनसेंट एंड ि ग्रेनाडाइर्न्स 87. ंाल् टा 119. सैन ंेटरनो 88. ंािडल द्वीप 120. साउिी अरब 89. ंाटरिस 121. संोआ 90. ंैज‍स को 122. सेनेगल 91. ंालडोिा 123. सर्बड ा 92. ंोनाको 124. सीचैलीस 93. ंांटेनीग्रो 125. ससंगापुर 94. ंोर्न्टसेरेट 126. ससंट ंाटेन 95. ंोरक्को 127. स्ट् लोिाक गणराज् 96. ंोिांजबक 128. सलोजिजन ा 97. म् ानंार 129. िजक्षण अफ्ीका 98. नांीजब ा 130. स्ट् पेन 99. नारो 131. श्री लंका 100. नेपाल 132. सूडान 101. नीिरलडैं 133. स्ट् िीडन 102. र्न् िू ीलैंड 134. स्ट् िीटज़रलैंड 103. नाइिीटर ा 135. सीटरअन अरब गणराज् 104. जनउए 136. ताइपोई 105. नािे 137. तिादकस्ट् तान4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] क्रं सं. ििे /जिजनर्िष्ड ट राज् क्ष्े का नां क्रं सं. ििे /जिजनर्िष्ड ट राज् क्ष्े का नां 138. तंिाजन ा 145. ुगांडा 139. र्ाइलडैं 146. ूक्रेन 140. टरजनडाड और टोबैगो 147. ूनाइटेड ककंगडं 141. ट्यूजनजि ा 148. ूनाइटेड स्ट् टेटस 142. तुकी 149. उज़बेदकस्ट् तान 143. तुकडंेजनस्ट्तान 150. िनुआत ू 144. तु‍ सड एंड काइकस 2. ह अजधसूचना रािप् ंें प्रकािन की तारीख से प्रिृत्त होगी [अजधसूचना स.ं 46/2022/फा.स.ं 370142/1/2022-टीपीएल (भाग- I)] उम्ंे फरिीना आदिल, अिर सजचि MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th April, 2022 (INCOME-TAX) S.O. 1951(E).—In exercise of the powers conferred by sub-clause (ii) of clause (a) of Explanation to clauses (viiac) and (viiad) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following countries and specified territories, mentioned in column (2) of the Table given below, for the purposes of the said clauses, namely:— TABLE Sl.No. Name of Country/ Specified Territory Sl.No. Name of Country/ Specified Territory (1) (2) 12 Bahrain 1 Albania 13 Bangladesh 2 Andorra 14 Barbados 3 Antigua & Barbuda 15 Belarus 4 Anguilla 16 Belgium 5 Argentina 17 Belize 6 Armenia 18 Bermuda 7 Aruba 19 Bhutan 8 Australia 20 Bosnia & Herzegovina 9 Austria 21 Botswana 10 Azerbaijan 22 Brazil 11 Bahamas 23 British Virgin Islands[भाग II—खण् ड 3(ii)] भारत का रािप् : असाधारण 5 Sl.No. Name of Country/ Specified Territory Sl.No. Name of Country/ Specified Territory 24 Brunei Darussalam 63 Iran 25 Bulgaria 64 Ireland 26 Cabo Verde 65 Isle of Man 27 Cameroon 66 Israel 28 Canada 67 Italy 29 Cayman Islands 68 Jamaica 30 Chile 69 Japan 31 China 70 Jersey 32 Colombia 71 Jordan 33 Cook Islands 72 Kazakhstan 34 Croatia 73 Kenya 35 Curacao 74 Korea 36 Cyprus 75 Kuwait 37 Czech Republic 76 Kyrgyzstan 38 Denmark 77 Latvia 39 Dominican Republic 78 Lebanon 40 Dominica 79 Liberia 41 Ecuador 80 Liechtenstein 42 El Salvador 81 Lithuania 43 Estonia 82 Luxembourg 44 Kingdom of Eswatini 83 Macao SAR 45 Ethiopia 84 Macedonia 46 Faroe Islands 85 Malaysia 47 Fiji 86 Maldives 48 Finland 87 Malta 49 France 88 Marshall Islands 50 Georgia 89 Mauritius 51 Germany 90 Mexico 52 Ghana 91 Moldova 53 Gibraltar 92 Monaco 54 Greece 93 Montenegro 55 Green Land 94 Montserrat 56 Grenada 95 Morocco 57 Guatemala 96 Mozambique 58 Guernsey 97 Myanmar 59 Hong Kong 98 Namibia 60 Hungary 99 Nauru 61 Iceland 100 Nepal 62 Indonesia 101 Netherlands6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] Sl.No. Name of Country/ Specified Territory Sl.No. Name of Country/ Specified Territory 102 New Zealand 127 Slovak Republic 103 Nigeria 128 Slovenia 104 Niue 129 South Africa 105 Norway 130 Spain 106 North Macedonia 131 Sri Lanka 107 Panama 132 Sudan 108 Pakistan 133 Sweden 109 Paraguay 134 Switzerland 110 Peru 135 Syrian Arab Republic 111 Poland 136 Taipei 112 Portugal 137 Tajikistan 113 Qatar 138 Tanzania 114 Romania 139 Thailand 115 Russia 140 Trinidad and Tobago 116 Saint Kitts and Nevis 141 Tunisia 117 Saint Lucia 142 Turkey 118 Saint Vincent and the Grenadines 143 Turkmenistan 119 San Marino 144 Turks and Caicos 120 Saudi Arabia 145 Uganda 121 Samoa 146 Ukraine 122 Senegal 147 United Kingdom 123 Serbia 148 United States 124 Seychelles 149 Uzbekistan 125 Singapore 150 Vanuatu 126 Sint Maarten 2. This notification shall come into force from the date of its publication in the Official Gazette. [Notification No. 46/2022/ F. No. 370142/1/2022-TPL (Part-I)] UMME FARDINA ADIL, 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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