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Date: 23-Jan-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under section 10(46) of the 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 amends the applicability period of previous notifications issued by the Central Board of Direct Taxes (CBDT) concerning income tax regulations.
  • It extends the applicability of certain notifications from financial year 2020-2021 to financial year 2024-2025, corresponding to assessment years 2021-2022 to 2025-2026.
  • It also modifies the applicability of another notification to cover financial years 2020-2021 to 2022-2023, corresponding to assessment years 2021-2022 to 2023-2024.

Key Changes

  • The notification revises paragraph 3 of multiple notifications, specifically S.O. 2774(E), S.O. 2826(E), S.O. 4523(E), S.O. 4525(E), S.O. 73(E), S.O. 1769(E), S.O. 1977(E), S.O. 1044(E), S.O. 1690(E) and S.O. 2155(E).
  • These notifications will now be applicable from financial year 2020-2021 to financial year 2024-2025, which relates to assessment year 2021-2022 to assessment year 2025-2026.
  • The notification also revises paragraph 3 of notification S.O. 1585(E).
  • Notification S.O. 1585(E) will now be applicable from financial year 2020-2021 to financial year 2022-2023, which relates to assessment year 2021-2022 to assessment year 2023-2024.

Impact Analysis

Tax Payers

  • Taxpayers should review their tax positions for financial years 2020-2021 to 2022-2023 with respect to notification S.O. 1585(E).

Tax Authorities

  • The CBDT will need to ensure that its internal systems and processes are updated to reflect the changes in the applicability periods of the notifications.

Businesses

  • Businesses should ensure that their accounting and tax departments are aware of these changes to avoid any non-compliance issues.

Key Entities Referenced

Central Board of Direct Taxes (CBDT): The apex body responsible for direct tax administration in India, under the Department of Revenue, Ministry of Finance. Ministry of Finance, Department of Revenue: The government ministry responsible for overseeing revenue collection and tax administration in India. Gazette of India: The official journal of the government of India, publishing notifications, acts, and regulations. S.O. 2774(E) dated the 9th July, 2021: Notification issued by the Central Board of Direct Taxes. S.O. 2826(E) dated 14th July, 2021: Notification issued by the Central Board of Direct Taxes. S.O. 4523(E) dated 29th October, 2021: Notification issued by the Central Board of Direct Taxes. S.O. 4525(E) dated 29th October, 2021: Notification issued by the Central Board of Direct Taxes. S.O. 73(E) dated 6th January, 2022: Notification issued by the Central Board of Direct Taxes. S.O. 1769(E) dated 11th April, 2022: Notification issued by the Central Board of Direct Taxes. S.O. 1977(E) dated 28th April, 2022: Notification issued by the Central Board of Direct Taxes. S.O. 1044(E) dated 3rd March, 2023: Notification issued by the Central Board of Direct Taxes. S.O. 1690(E) dated 10th April, 2023: Notification issued by the Central Board of Direct Taxes. S.O. 2155(E) dated 10th May, 2023: Notification issued by the Central Board of Direct Taxes. S.O. 1585(E) dated the 1st April, 2023: Notification issued by the Central Board of Direct Taxes.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-23012024-251562 CG-DxLx-xEG-I2D3H0x1x2x0 24-251562 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.ं 311] नई दिल्ली, मगं लिार, िनिरी 23, 2024/माघ 3, 1945 No. 311] NEW DELHI, TUESDAY, JANUARY 23, 2024/MAGHA 3, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 23 िनिरी, 2024 का.आ. 327(अ).—भारत के रािपत्र, असाधारण, भाग-II, खंड 3, उप-खंड (ii), धाररत सख्ं या का. आ. 2774(अ) दिनांक 9 िुलाई, 2021, का. आ. 2826(अ) दिनांक 14 िलु ाई, 2021,का. आ. 4523(अ) दिनांक 29 अक्त ूबर, 2021, का. आ. 4525(अ) दिनांक 29 अक्त ूबर, 2021, का. आ. 73(अ) दिनाकं 6 िनिरी 2022, का. आ. 1769(अ) दिनांक 11 अप्रलै 2022, का. आ.1977(अ) दिनांक 28 अप्रैल, 2022, का.आ.1044 (अ) दिनांक 3 माच ड 2023, का. आ.1690 (अ) दिनांक 10 अप्रैल 2023 एि ं का. आ. 2155 (अ) दिनांक 10 मई, 2023, म ें प्रकाजित भारत सरकार, जित्त मंत्रालय, रािस्ट्ि जिभाग (केंद्रीय प्रत्यक्ष कर बोडड) की अजधसूचनाओं म,ें पैराग्राफ 3 को जनम्नजलजखत के रूप म ें पढा िाएगा, अर्ाडत,् - “यह अजधसूचना जनधाडरण िर् ड2021-2022 स े जनधाडरण िर्ड 2025-2026 स े संगत जित्तीय िर्ड 2020-2021 स े जित्तीय िर्ड 2024-2025 के जलए लाग ू मानी िाएगी।’’ 510 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] और भारत के रािपत्र, असाधारण, भाग- II, खंड 3, उप-खंड (ii) म ें प्रकाजित, भारत सरकार, जित्त मंत्रालय, रािस्ट्ि जिभाग (केंद्रीय प्रत्यक्ष कर बोड)ड की अजधसूचना धाररत संख्या का. आ.1585 (अ) दिनांक 1 अप्रैल, 2023 के पैराग्राफ 3 को जनम्नजलजखत के रूप म ेंपढा िाएगा, अर्ाडत,् - "यह अजधसूचना जनधाडरण िर् ड 2021-2022 स े जनधाडरण िर्ड 2023-2024 स े संगत जित्तीय िर्ड 2020-2021 स े जित्तीय िर्ड 2022-2023 के जलए लाग ू मानी िाएगी।" [अजधसूचना स.ं 14/2024 फा. स.ं 300196/8/2020-आईटीए-I] जिकास ससंह, जनिेिक, (आईटीए-I) स्ट्पष्टीकरण ज्ञापन प्रमाजणत दकया िाता ह ैदक इस अजधसूचना को भतू लक्षी प्रभाि िेन े से दकसी व्यजि पर प्रजतकूल प्रभाि नहीं पड़ रहा ह।ै MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 23rd January, 2024 S.O. 327(E).—In the notifications of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), bearing number S.O. 2774(E) dated the 9th July, 2021, S.O. 2826(E) dated 14th July, 2021, S.O. 4523(E) dated 29th October, 2021, S.O. 4525(E) dated 29th October, 2021, S.O. 73(E) dated 6th January, 2022, S.O. 1769(E) dated 11th April, 2022, S.O. 1977(E) dated 28th April, 2022, S.O. 1044(E) dated 3rd March, 2023, S.O. 1690(E) dated 10th April, 2023 and S.O. 2155(E) dated 10th May, 2023, the paragraph 3 shall be read as the following, namely,- “This notification shall be deemed to have been applied for the financial year 2020-2021 to financial year 2024-2025 relevant to the assessment year 2021-2022 to assessment year 2025-2026.” And In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), bearing number S.O. 1585(E) dated the 1st April, 2023, the paragraph 3 shall be read as the following, namely,- “This notification shall be deemed to have been applied for the financial year 2020-2021 to financial year 2022-2023 relevant to the assessment year 2021-2022 to assessment year 2023-2024.” [Notification No. 14/2024 F. No. 300196/8/2020-ITA-I] 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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