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Date: 17-Apr-2023 Category: Extra Ordinary State: Union Government Country: India

Notification under clause (46) of section 10 of the Income tax Act, 1961 amendments in Notification Central Board of Direct Taxes No.34.2020 dated the 23rd June, 2020, published in Gazette of India, Extraordinary, Part II, Section 3, Sub section (ii) vide number S.O. 2015(E) dated the 23rd June, 2020

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (CBDT), amends Notification No. 34/2020 dated June 23, 2020, which was published in the Gazette of India vide number S.O. 2015(E) of the same date.
  • The amendment, effective retrospectively from June 23, 2020, modifies paragraph 1 of the original notification by adding clauses related to certain types of income.

Key Changes

  • The notification inserts the following clauses in Paragraph 1 of the original notification, with effect from June 23, 2020:
  • Clause (m): Profit on the sale of fixed assets.
  • Clause (n): Charges collected for the personal use of office vehicles by employees.
  • Clause (o): Interest on Income Tax Refunds.
  • Clause (p): Interest earned on Government Securities.

Impact Analysis

Stakeholders Affected

  • Employees: Employees who are charged for personal use of office vehicles.

Impact

  • Retrospective application from June 23, 2020, implies that taxpayers will need to consider these changes for past tax periods.

Suggested Action Items

  • Seek professional advice from tax consultants to ensure accurate interpretation and implementation of the notification.

Key Entities Referenced

Income-tax Act, 1961: The principal legislation governing income tax in India. Section 10(46) provides the powers to the central government to issue notifications. Central Board of Direct Taxes (CBDT): A part of the Department of Revenue in the Ministry of Finance, responsible for the administration of direct taxes in India. Notification No. 34/2020, dated June 23, 2020, S.O. 2015(E): The original notification that is being amended by this notification. Ministry of Finance, Department of Revenue: The government body responsible for financial matters including taxation.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-17042023-245207 xxxGIDHxxx CG-DL-E-17042023-245207 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.ं 1671] नई दिल्ली, सोमिार, अप्रैल 17, 2023/चत्रै 27, 1945 No. 1671] NEW DELHI, MONDAY, APRIL 17, 2023/CHAITRA 27, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 17 अप्रैल, 2023 का.आ. 1751(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करते हुए, केंद्रीय सरकार, ‘संख्या का. आ. 2015 (अ) दिनांक 23 िून, 2020 के माध्यम स े भारत सरकार, जित्त मंत्रालय, रािस्ट्ि जिभाग, केंद्रीय प्रत्यक्ष कर बोड ड स.ं 34/2020 दिनांक 23 िून, 2020 भारत के रािपत्र, असाधारण, भाग II, खडं 3, उप-खंड (ii) म ेंप्रकाजित अजधसूचना म ेंजनम्नजलजखत संिोधन करती ह,ै अर्ाडतः- उि अजधसूचना म,ें पैरा 1 म,ें खंड (1) के बाि, जनम्नजलजखत खडं अंतर्िडष्ट दकए िाएगं े और दिनांक 23 िनू , 2020 स े अतं र्िडष्ट दकए हुए माने िाएंग,े अर्ाडतः- “(ड़) अचल पररसंपजत्तयों के जिक्रय पर लाभ; (ढ) कमडचाररयों के द्वारा कायाडलय िाहन के व्यजिगत उपयोग के जलए संग्रहीत प्रभार; 2489 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (ण) आयकर धनिापसी पर ब्याि; और (त) सरकारी प्रजतभूजतयों पर अर्िडत ब्याि।” [अजधसूचना स.ं 22 /2023 फा. स.ं 300196/53/2019-आईटीए-I] सौरभ िैन, अिर सजचि स्ट्पष्टीकरण ज्ञापन प्रमाजणत दकया िाता ह ैदक इस अजधसूचना को भतू लक्षी प्रभाि िेन े से दकसी व्यजि पर प्रजतकूल प्रभाि नहीं पड़ रहा ह।ै रटप्पणीः- मूल अजधसूचना को भारत के रािपत्र, असाधारण, भाग II, खंड 3, उप-खंड (ii) म ें का. आ. 2015 (अ) दिनांक 23 िून, 2020 के माध्यम स े प्रकाजित दकया गया र्ा। MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 17th April, 2023 S.O. 1751(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes No.34/2020 dated the 23rd June, 2020, published in Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number S.O. 2015(E) dated the 23rd June, 2020, namely:- In the said notification, in Paragraph 1, after clause (l), the following clauses shall be inserted and shall be deemed to have been inserted with effect from 23rd June, 2020, namely:- “(m) Profit on sale of fixed assets; (n) Charges collected for the personal use of office vehicle by employees; (o) Interest on Income tax Refund; and (p) Interest earned on Government Securities.”. [Notification No. 22/2023, F. No. 300196/53/2019-ITA-I] SOURABH JAIN, Under Secy. Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification. Note:-The principal notification was published in the Gazette of India, Extraordinary Part II, Section 3, Sub-section (ii) vide S.O. 2015(E) dated 23rd June, 2020. 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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