VittSphere ONE Calculators Blog CA Prabhakar Kumar · FCA · ICAI 560762
Calculators Blog Handle my notice
Case law › Notifications › 2016 › Notification No. 10/2016 [F.No.178/ 1 /2016-ITA-I] / SO 613(E)
Notification 26 February 2016

Notification No. 10/2016 [F.No.178/ 1 /2016-ITA-I] / SO 613(E)

2016 कतहत् सशोधन ᳰकया गया ह।

What this is

Notification No. 10/2016 [F.No.178/ 1 /2016-ITA-I] / SO 613(E) was published on 26 February 2016. Its subject is 2016 कतहत् सशोधन ᳰकया गया ह।.

What it does

The Central Government, under item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961, further amends the tax-free bond notification S.O. 1827(E) dated 6 July 2015. Paragraph 6 is substituted so that seventy per cent of the aggregated amount of bonds issued by each entity in the Table must be raised through public issue, and forty per cent of that public issue must be earmarked for retail individual investors, with a proviso that 'forty per cent' is to be read as 'sixty per cent' for the entities at serial numbers 2(b) and 8 of the Table. In paragraph 9, serial number 2 of the Table is substituted so that Indian Railway Finance Corporation Limited is allocated Rs. 6,000 crore for Tranche I and Rs. 3,500 crore for Tranche II.

Who it reaches

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 ActNow
s.3s.3
s.10s.11, s.19

The instrument, as the Board published it

The department publishes this one only as a PDF, so the words below were read out of that PDF by machine. That reading can carry its own mistakes — a misread number, a broken line. Check the signed document before you rely on a figure in it.

2016 कतहत् सशोधन ᳰकया गया ह।
MINISTRY OF FINANCE
(Department of Revenue)
(Central Board of Direct Taxes)
NOTIFICATION
New Delhi, the 26th February, 2016
No. 10/2016
S.O. 613(E).— In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), published in the Gazette of India Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 1827(E), dated the 6th of July, 2015, namely :-
In the said notification, -
(a) for paragraph 6, the following paragraph shall be substituted, namely:-
"6. Public issue.- (i) Seventy percent. of the aggregated amount of bonds issued by each entity in the TABLE shall be raised through public issue;
(ii) Forty per cent. of public issue under sub-paragraph (i) shall be earmarked for RII's:
Provided that the words "Forty per cent." referred to in sub-paragraph (ii) shall be read as "sixty per cent." for the purposes of the entities at serial numbers 2(b) and 8 of the TABLE.";
(b) in paragraph 9, in the TABLE, for serial number 2 and the entries relating thereto, the following shall be substituted, namely:-
SL. No. Entities Allocated amount of bonds ( in crore)
(1) (2) (3)
"2. Indian Railway Finance Corporation Limited (IRFC)
(a) TRANCHE I 6000
(b) TRANCHE II 3500".
[F.No.178/ 1 /2016-ITA-I]
DEEPSHIKHA SHARMA, Director
¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3
Note:- The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 1827(E) dated the 6th of July, 2015 and subsequently amended vide notification number S.O. 520(E), dated the 18th February, 2016.
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.

From when

Not stated in the extract.

What to watch

Where you meet it

In the offer document of a tax-free bond issue and in the investor's claim that the interest is exempt under section 10(15)(iv)(h).

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.11/2016 [F.No.149/150/2015-TPL] / SO 637(E)  ·  Notification No. 9/2016 [F. No.196 / 73 / 2012-ITA.I] / SO 595(E) →

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.