Notification No. 3498

Life Insurance Corporation of India established under the Life Insurance Corporation Act notified under section 280ZB

What this is

Notification No. 3498 was published on 28 September 1968. Its subject is Life Insurance Corporation of India established under the Life Insurance Corporation Act notified under section 280ZB.

This notifies a named person, body, fund or instrument for the purpose of a provision. Nothing in it changes the provision itself.

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.

Under the 1961 Act	Now
s.280ZB	no counterpart recorded

The instrument, as the Board published it

The words below are the department’s own, reproduced from its published text. Where the department’s copy carried a publisher’s notes after the instrument, those are not reproduced.

In pursuance of clause (i) of the proviso to sub-section (2) of section 280ZB and of clause (i) of the proviso to sub-section (5) of section 280ZB of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), as a financial institution for the purpose of those clauses

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

Notification No. 3547 — Institutions mentioned below notified under section 280ZB 12 November 1965

← Notification No. 4090 · Notification No. 3495 →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.