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Case law › Notifications › 2016 › Notification No. 47/2016 [F. No. 275/53/2012 – IT(B)]
Notification 17 June 2016

Notification No. 47/2016 [F. No. 275/53/2012 – IT(B)]

[To BE Published in the Gazette of INDIA, Extraordinary, Part II, section 3, Sub-section (ii)]

What this is

Notification No. 47/2016 [F. No. 275/53/2012 – IT(B)] was published on 17 June 2016. Its subject is [To BE Published in the Gazette of INDIA, Extraordinary, Part II, section 3, Sub-section (ii)].

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 ActNow
s.3s.3
s.4s.4
s.197As.393, s.400, s.402

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.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]

MINISTRY OF FINANCE
(DEPARTMNET OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 17th June, 2016
No. 47/2016

INCOME TAX

S.O. (E).- In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India, Ministry of Finance (Department of Revenue) number S.O. 3069 (E) dated 31st December, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), the Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified below, in case such payment is made by a person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), excluding a foreign bank, or to any payment systems company authorised by the Reserve Bank of India under Sub-section (2) of Section 4 of the Payment and Settlement Systems Act, 2007 (51 of 2007), namely :-

(i) bank guarantee commission;
(ii) cash management service charges;
(iii) depository charges on maintenance of DEMAT accounts;
(iv) charges for warehousing services for commodities;
(v) underwriting service charges;
(vi) clearing charges (MICR charges) including interchange fee or any other similar charges by whatever name called charged at the time of settlement or for clearing activities under the Payment and Settlement Systems Act, 2007;
(vii) credit card or debit card commission for transaction between merchant establishment and acquirer bank.

2. This notification shall come into force from the date of its publication in the Official Gazette.

[Notification No. 47/2016/ F. No. 275/53/2012 – IT(B)]

( Sandeep Singh)
Under Secretary to the Govt. of India

To,
The Manager,
Government of India Press,
Ring Road, Mayapuri,
New Delhi - 110054

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.46/2016 [F.No. 275/16/2016-IT(B)]  ·  Notification No. 45/2016 [F.No. 173/03/2016-ITA-II] / SO 1160(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.