**Executive Summary**
This notification, issued by the Ministry of Finance on July 7, 2026, officially designates the “Core Settlement Guarantee Fund” set up by the National Commodity Clearing Limited (NCCL) as an exempt entity under Section 10(23EE) of the Income-tax Act, 1961. The exemption applies retrospectively for the assessment years 2019-2020 through 2026-2027, maintaining continuity despite the repeal of the 1961 Act by the Income-tax Act, 2025. To maintain this status, the Fund must comply with specific filing and regulatory recognition requirements.
**Key Points / Main Content**
**Legal Framework and Transitions**
* **Repeal and Savings:** While the Income-tax Act, 1961 was repealed by Section 536(1) of the Income-tax Act, 2025, specific savings clauses ensure that previous operations, rights, and pending proceedings under the 1961 Act remain valid.
* **Continued Application:** Provisions of the 1961 Act continue to apply to proceedings initiated before April 1, 2026, including assessments, reassessments, and appeals.
**Fund Notification and Scope**
* **Designated Entity:** The "Core Settlement Guarantee Fund" (PAN: AAAJN1263G), established by the National Commodity Clearing Limited (NCCL), is notified for tax exemption.
* **Effective Period:** The exemption covers a specific block of assessment years, starting from 2019-2020 and ending in 2026-2027.
**Conditions for Exemption**
* **Income Returns:** The Fund is required to furnish its return of income in accordance with Section 139(4C) of the 1961 Act.
* **Regulatory Status:** The NCCL must maintain its status as a recognized clearing corporation as defined by the Securities and Exchange Board of India (SEBI).
**Compliance and Enforcement**
* **Consequences of Breach:** Failure to meet the specified conditions will result in the immediate withdrawal of the tax exemption.
* **Legal Action:** Non-compliance will trigger the initiation of legal proceedings under the Income-tax Act.
**Impact Analysis**
**Core Settlement Guarantee Fund (NCCL)**
**Impact**
The Fund is granted a tax-exempt status for its specified income for the assessment years 2019-2020 to 2026-2027. This applies retrospectively, and the document clarifies that this backdated effect does not adversely affect the interests of any person.
**Action Required**
The Fund must consistently file income tax returns under Section 139(4C) and ensure the NCCL retains its SEBI recognition.
**Income-tax Authorities**
**Impact**
Authorities must process the Fund’s tax matters according to the 1961 Act for the specified period, even though that Act has been formally repealed.
**Action Required**
Authorities must monitor the Fund’s compliance with the return-filing and SEBI-recognition conditions; they are required to withdraw exemptions and initiate proceedings if these conditions are violated.
Key Entities Referenced
Income-tax Act, 2025: The legislation that repealed the 1961 Act while providing the legal authority under Section 536 to continue specific tax exemptions and proceedings.
Income-tax Act, 1961: The primary law containing Section 10(23EE), which provides tax exemptions for the specified income of a Core Settlement Guarantee Fund.
Core Settlement Guarantee Fund: The specific fund established by NCCL that is granted tax-exempt status for the assessment years 2019-2020 to 2026-2027.
National Commodity Clearing Limited (NCCL): A recognized clearing corporation that established the Core Settlement Guarantee Fund and is required to maintain its regulatory recognition for the fund's tax benefits.
Securities and Exchange Board of India (SEBI): The regulatory body responsible for the continued recognition of the National Commodity Clearing Limited as a clearing corporation.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-07072026-274231
CG-DxLx-xEG-I0D7H0x7x2x0 26-274231
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 3521] नई दिल्ली, मगं लिार, िलु ाई 7, 2026/आषाढ 16, 1948
No. 3521] NEW DELHI, TUESDAY, JULY 7, 2026/ASHADHA 16, 1948
जित्त मत्रं ालय
(रािस्ट्ि जिभाग)
(केंद्रीय प्रत्यक्ष कर बोडड)
अजधसचू ना
नई दिल्ली, 7 िुलाई, 2026
का.आ. 3683(अ).— िहााँ दक, आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 (46) म ेंकजतपय जनकायों
या प्राजधकरणों या बोडों या रस्ट्टों या आयोगों की जनर्िडष्ट आय को छूट दिये िाने का प्रािधान दकया गया है, जिन्ह ेंकेंद्र सरकार
द्वारा उस धारा के प्रयोिनों के जलए सरकारी रािपत्र म ेंअजधसजू चत दकया िा सकता है;
और िहााँ दक, आयकर अजधजनयम, 1961 (1961 का 43) को आयकर अजधजनयम, 2025 ( 2025 का 30) की
धारा 536 (1) द्वारा जनरस्ट्त कर दिया गया ह;ै
और िहााँ दक, आयकर अजधजनयम, 2025 (2025 का 30) की धारा 536(2)(क) और (ख) म,ें अन्य बातों के साथ,
यह प्रािधान ह ै दक आयकर अजधजनयम, 1961 (1961 का 43) (एतजममन ् पश्चात जिसे 1961 का अजधजनयम कहा गया ह)ै
के जनरसन के बाििूि और उसकी उपधारा (4) के अधीन रहत ेहुए, जनम्नजलजखत पर कुछ भी प्रभाि नहीं पडगे ा,यथा;-
5093 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(i) 1961 के अजधजनयम के प्रािधानों का पूि डप्रचालन और उसके तहत जिजधित रूप से िारी दकया गया कोई आििे
या दकया गया कोई कायड; या
(ii) 1961 के अजधजनयम या उस अजधजनयम के तहत िारी आिेिों के अंतगतड प्राप्त, अर्िडत या उत्पन्न कोई भी
अजधकार, जििेषाजधकार, िाजयत्ि या िेनिारी;
और िहााँ दक, आयकर अजधजनयम, 2025 (2025 का30) की धारा 536(2)(ग) में यह प्रािधान ह ै दक 1961 के
अजधजनयम के प्रािधान आयकर अजधजनयम, 2025 (2025 का 30) के प्रारंभ होने की जतजथ को लंजबत दकसी भी कायडिाही
और 1 अप्रैल, 2026 के बाि िरूु की गई दकसी भी कायडिाही (जिसमें नोटटस, जनधाडरण, पनु जनधाडरण, पुनसणं ना, त्रुटट-सुधार,
िुमाडना, संिभड, पनु रीक्षण और अपील िाजमल भी ह)ैं पर 1 अप्रैल, 2026 से पहले िुरू होन ेिाले दकसी भी कर िषड के संबंध
में लागू होत े रहगें े और ऐसी कायडिाही 1961 के अजधजनयम में जनर्िडष्ट प्रदिया के अनुसार पूरी की िाएगी;
और िहााँ दक, आयकर अजधजनयम, 2025 (2025 का 30) की धारा 536(2)(ङ) में यह प्रािधान ह ै दक इस
अजधजनयम के प्रारंभ होन े की जतजथ को दकसी आयकर प्राजधकरण या जनरस्ट्त आयकर अजधजनयम के तहत गटित दकसी अन्य
प्राजधकरण, अपीलीय न्यायाजधकरण या दकसी न्यायालय के समक्ष आिेिन, अपील, संिभड या पुनरीक्षण या दकसी अन्य रूप
में लंजबत कोई भी कायडिाही उसी प्रकार िारी रखी िाएगी और उसका जनपटारा दकया िाएगा िैसे दक मानो यह अजधजनयम
अजधजनयजमत नहीं दकया गया ह;ै
अतः, अब, आयकर अजधजनयम, 2025 (2025 का 30) की धारा 536(2)(क) से (ग) और (ङ) के प्रािधानों के
अनुपालन म,ें केंद्र सरकार, एतद्द्वारा, अजधजनयम 1961 की धारा 10(23ईई) के प्रयोिनों के जलए, राष्ट्रीय कमोजडटी जललयररंग
जलजमटेड (एनसीसीएल) द्वारा स्ट्थाजपत "कोर सेटलमेंट गारंटी फंड (पनै : AAAJN1263G)" िो एक मान्यता प्राप्त जललयररंग
जनगम ह,ै को जनधाडरण िषड 2019-2020 से 2026-2027 के जलए अजधसूजचत करती ह।ै
2. यह अजधसूचना जनम्नजलजखत ितों के अधीन होगी, यथा:
(क) कोर सेटलमेंट गारंटी फंड 1961 के अजधजनयम की धारा 139(4ग) के अनुसार आय की जििरणी िाजखल करेगा;
और
(ख) निे नल कमोजडटी जललयररंग जलजमटेड (एनसीसीएल) को भारतीय प्रजतभूजत और जिजनमय बोडड द्वारा जललयररंग
जनगम के रूप में प्राप्त मान्यता बनी रहती ह।ै
3. उपरोक्त ितों का पालन न करन े पर अजधजनयम 1961 की धारा 10(23EE) के तहत छूट िापस ल ेली िाएगी और उक्त
अजधजनयम के तहत कायडिाही िुरू की िाएगी।
[स.ं 78/2026/फा. स.ं 197/39/2018-आईटीए-I]
हरदेव ससंह, अवर सचिव
स्ट्पष्टीकरण ज्ञापन
प्रमाजणत दकया िाता ह ै दक केंद्रीय प्रत्यक्ष कर बोडड या आयकर जिभाग के समक्ष आिेिन िाजखल दकए िान े िाले
िषड से अथाडत पूिडव्यापी प्रभाि से इस अजधसूचना को लागू करने से दकसी भी व्यजक्त के जहतों पर प्रजतकूल प्रभाि
नहीं पडता ह।ै[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 7th July, 2026
S.O. 3683(E).— Whereas, section 10(23EE) of the Income-tax Act, 1961 (43 of 1961) provided for exemption
of any specified income of such Core Settlement Guarantee Fund, set up by a recognised clearing corporation in
accordance with the regulations as may be notified by the Central Government in the Official Gazette for the purposes
of that clause;
And whereas, the Income-tax Act, 1961 (43 of 1961) was repealed by section 536(1) of the Income-tax Act,
2025 (30 of 2025);
And whereas, section 536(2)(a) and (b) of the Income-tax Act, 2025 (30 of 2025), inter alia, provides that
irrespective of the repeal of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act of 1961) and
subject to sub-section (4) thereof, nothing shall affect-
(i) the previous operation of the provisions of the Act of 1961 and any order or anything duly done or suffered
thereunder; or
(ii) any right, privilege, obligation or liability acquired, accrued or incurred under the Act of 1961 or orders
under that Act;
And whereas, section 536(2)(c) of the Income-tax Act, 2025 (30 of 2025) provides that the provisions of the
Act of 1961 shall continue to apply to any proceeding pending on the date of commencement of the Income-tax Act,
2025 (30 of 2025) and to any proceedings initiated on or after the 1st April, 2026 (including notices, assessment,
reassessment, recomputation, rectification, penalty, reference, revision and appeals) in respect of any tax year beginning
before the 1st April, 2026 and such proceedings shall be carried out as per the procedure specified in the Act of 1961;
And whereas, section 536(2)(e) of the Income-tax Act, 2025 (30 of 2025) provides that any proceeding pending
on the date of its commencement before any income-tax authority or any other authority constituted under the repealed
Income-tax Act, Appellate Tribunal, or any court, by way of application, appeal, reference or revision or by any other
means, shall be continued and disposed of as if this Act had not been enacted;
Now, therefore, in pursuance of the provisions of section 536(2)(a) to (c) and (e) of the Income-tax Act, 2025
(30 of 2025), the Central Government hereby notifies the "Core Settlement Guarantee Fund (PAN: AAAJN1263G) set
up by the National Commodity Clearing Limited
(NCCL)", a recognised clearing corporation, for the purposes of section 10(23EE) of the Act of 1961, for the
assessment years 2019-2020 to 2026-2027.
2. This notification shall be subject to the following conditions, namely:-
(a) the Core Settlement Guarantee Fund shall furnish return of income in accordance with section 139(4C) of
the Act of 1961; and
(b) the National Commodity Clearing Limited (NCCL) shall continue to be recognised as a clearing corporation
by the Securities and Exchange Board of India.
3. Failure to comply with the above conditions shall result in withdrawal of exemption under section 10(23EE) of the
Act of 1961 and initiation of proceedings under the said Act.
[No.78 /2026/F.No.197/39/2018-ITA-I]
HARDEV SINGH, Under Secy.
Explanatory Memorandum
It is certified that interests of no person are adversely affected by giving retrospective effect to this notification from
the year in which the application was filed before the Central Board of Direct Taxes or Income-tax Department.
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.