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Date: 12-Sep-2023 Category: Extra Ordinary State: Union Government Country: India

Notification under clause 23EC of section 10 of Income tax Act 1961

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification specifies the Multi Commodity Exchange Investor (Client) Protection Fund Trust, established by the Multi Commodity Exchange of India Limited, Mumbai, for the purposes of clause (23EC) of Section 10 of the Income-tax Act, 1961, for the assessment year 2014-15.
  • This notification provides income tax benefits to the specified trust.

Key Changes

  • The Central Government has specified the Multi Commodity Exchange Investor (Client) Protection Fund Trust for the assessment year 2014-15.
  • The notification is issued under sub-section (23EC) of section 10 of the Income-tax Act, 1961.
  • The notification takes effect retrospectively, but it is clarified that this retrospective effect does not adversely affect any person.

Impact Analysis

Multi Commodity Exchange of India Limited

  • Action Item: Ensure compliance with the conditions specified in Section 10(23EC) of the Income-tax Act, 1961 to continue availing the benefits.

Multi Commodity Exchange Investor (Client) Protection Fund Trust

  • Action Item: Maintain proper books of accounts and comply with all regulatory requirements to ensure continued eligibility for income tax benefits.

Investors/Clients of Multi Commodity Exchange of India Limited

  • No direct action item.

Government/Tax Authorities

  • Action Item: Ensure that the trust complies with the provisions of the Income-tax Act, 1961.

Key Entities Referenced

Central Board of Direct Taxes (CBDT): The entity under the Department of Revenue, Ministry of Finance, responsible for issuing the notification. Multi Commodity Exchange of India Limited: An Indian commodity exchange, which established the Multi Commodity Exchange Investor (Client) Protection Fund Trust. Multi Commodity Exchange Investor (Client) Protection Fund Trust: A trust set up by the Multi Commodity Exchange of India Limited to protect the interests of investors/clients. Income-tax Act, 1961: The principal act governing income tax in India. Section 10(23EC) provides for exemptions to certain investor protection funds.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-13092023-248667 CG-DxLx-xEG-I1D3H0x9x2x0 23-248667 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.ं 3822] नई दिल्ली, मगं लिार, जसतम्ब र 12, 2023/भाद्र 21, 1945 No. 3822] NEW DELHI, TUESDAY, SEPTEMBER 12, 2023/BHADRA 21, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 12 जसतम् बर, 2023 (आयकर) का.आ. 3984(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 की उप-धारा (23ङग) द्वारा प्रित्त िजियों का प्रयोग करत े हुए केंद्र सरकार एतिद्वारा, जनधाडरण िर् ड 2014-15 के जलए मल्टी कमोजडटी एक्सचेंि ऑफ इंजडया जलजमटेड, म ंबई द्वारा स्ट्थाजपत मल्टी कमोजडटी एक्सचेंि इन्िेस्ट्टर (क्लाइंट) प्रोटेक्िन फंड रस्ट्ट को उि खडं के प्रयोिनाथड अजधसूजचत करती ह।ै [अजधसूचना स.ं 77 /2023/ फा. सं.173/105/2013-आईटीए-I] जिकास ससंह, जनिेिक (आईटीए-I) स्ट्पष्टीकरण ज्ञापन : प्रमाजणत दकया िाता ह ैदक इस अजधसूचना को भूतलक्षी प्रभाि िने े स े दकसी व्यजि पर इसका प्रजतकूल प्रभाि नहीं पड़ रहा ह।ै 5777 GI/2023 (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 12th September, 2023 (INCOME TAX) S.O. 3984(E).—In exercise of the powers conferred by sub-section (23EC) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Multi Commodity Exchange Investor (Client) Protection Fund Trust set up by Multi Commodity Exchange of India Limited, Mumbai for the purposes of the said clause for the assessment year 2014-15. [Notification No.77 /2023/ F. No. 173/105/2013-ITA-1] VIKAS SINGH, Director (ITA-I) Explanatory Memorandum: It is certified that no person is being adversely affected by giving retrospective effect to this notification. 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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