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Date: 19-Jul-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under section 10(23FE) of the Act

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

Description of the Gazette Notification

  • This gazette notification, issued by the Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), amends a previous notification (S.O. 6103(E), dated December 28, 2022) related to the Income-tax Act, 1961.
  • The amendment extends the deadline of a certain provision from March 31, 2024, to March 31, 2025.

Key Changes

  • The notification amends the earlier notification numbered S.O. 6103(E), dated December 28, 2022.
  • Specifically, it changes the date “31st day of March, 2024” to “31st day of March, 2025” in the opening paragraph of the earlier notification.
  • This effectively extends the applicability of certain provisions under clause (23FE) of section 10 of the Income-tax Act, 1961 for one year.

Impact Analysis

Taxpayers

  • This extension provides relief and additional time for compliance, potentially reducing the administrative burden and the risk of penalties for non-compliance.

Government

  • This may impact government revenue collection, though the exact impact needs further analysis based on the specific provisions being extended.

Tax Professionals

  • They need to update their understanding of the relevant provisions of the Income Tax Act, 1961 in light of this amendment.

Suggested Action Items

  • The government should conduct a detailed impact assessment to understand the financial implications of this extension.

Key Entities Referenced

Ministry of Finance, Department of Revenue (Central Board of Direct Taxes): The issuing authority of the notification. Responsible for the administration of direct taxes in India. Income-tax Act, 1961 (43 of 1961): The primary legislation governing income tax in India. The notification amends a provision within this Act. Notification No. S.O. 6103(E), dated December 28, 2022: The principal notification that is being amended by this gazette notification. Gazette of India, Extraordinary, Part II, section 3, sub-section (ii): The official publication where both the original and amended notifications were published.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-19072024-255576 CG-DxLx-xEG-I1D9H0x7x2x0 24-255576 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.ं 2743] नई दिल्ली, िुक्रिार, िुलाई 19, 2024/आषाढ 28, 1946 No. 2743] NEW DELHI, FRIDAY, JULY 19, 2024/ASHADHA 28, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 18 िुलाई, 2024 का.आ. 2880(अ).—केन्‍द द्र सरकार, आयकर अजधजनयम, 1961( 1961 का 43) की धारा 10 के खंड (23चड.) के स्ट् पष् टीकरण 1 के खंड (ग) के उपखंड (iv) द्वारा प्रित िजियों का प्रयोग करते हुए एतत्तद्वारा भारत के रािपत्र असाधारण, II,खण् ड 3, उपखंड (ii) में प्रकाजित भारत सरकार, जित् त मंत्रालय, रािस्ट्ि जिभाग (केन्‍द द्रीय प्रत् यक्ष कर बोडड) की अजधसूचना संख्य ा का.आ. 6103(अ.),दिनांक 28 दिसंबर, 2022 [अजधसूचना संख्य ा 128/2022/फा.सं. 500/ पीए7/एस10/(23चड.)/एफटी एंड टीआर-II] में सरकारी रािपत्र में इस अजधसूचना के प्रकािन की जतजि को तिा 1 अप्रैल 2024 से जसिाय उन कायों को िो दकए गए ह ैअििा दकए िाने के जलए छोड़ दिए गए ह,ैं में जनम् नजलजखत संिोधन करती ह,ै नामत:- उक् त अजधसूचना में, प्रारंजभक पैराग्राफ में अंक, अक्षर तिा िब् ि ”31 माचड 2024” के स्ट् िान पर, अंक, अक्षर तिा िब् ि “31 माचड 2025 ” प्रजतस्ट् िाजपत दकए िाएंगे। [अजधसूचना सं. 87/2024/फा.सं.500/जिजिध/एस।0(23चड.)/एफटी&टीआर-II] अपूिड जतिारी, अिर सजचि टटप्प णी: प्रधान अजधसूचना को भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड(ii) में, का.आ. सं. 6103(अ.), दिनांक 28 दिसंबर, 2022 के तहत प्रकाजित दकया गया िा। 4419 GI/2024 (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 18th July, 2024 S.O. 2880(E)— In exercise of the powers conferred by sub-clause (iv) of clause (c) of Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance, Department of Revenue (Central Board of Direct Taxes) number S.O. 6103(E), dated the 28th December, 2022 [Notification No. 128/2022 /F. No. 500/PF7/S10(23FE)/FT&TR-II] published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii), except as respects things done or omitted to have been done on and from the 1st day of April, 2024 till the date of publication of this notification in the Official Gazette, namely:–– In the said notification, in the opening paragraph, for the figures, letters and words “31st day of March, 2024”, the figures, letters and words “31st day of March, 2025” shall be substituted. [Notification No. 87/2024/F.No. 500/Misc./S10(23FE)/FT&TR-II] APOORV TIWARI, Under Secy. Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii) vide number S.O. 6103(E), dated the 28th December, 2022. 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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