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Case law › Notifications › 2016 › Notification No. 6/2016 [F. No.178/ 1/2016-ITA-I] / SO 520(E)
Notification 18 February 2016

Notification No. 6/2016 [F. No.178/ 1/2016-ITA-I] / SO 520(E)

Ministry of Finance

What this is

Notification No. 6/2016 [F. No.178/ 1/2016-ITA-I] / SO 520(E) was published on 18 February 2016. Its subject is Ministry of Finance.

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, amends the tax-free bond notification S.O. 1827(E) dated 6 July 2015. In paragraph 6, a proviso is inserted after sub-paragraph (ii) requiring the National Bank for Agriculture and Rural Development to earmark sixty per cent of its public issue under that sub-paragraph for retail individual investors. In the Table to paragraph 9, serial number 1 is substituted so that the National Highways Authority of India is allocated Rs. 19,000 crore, and a new serial number 8 is inserted allocating Rs. 5,000 crore to the National Bank for Agriculture and Rural Development.

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.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION

New Delhi, the 18th February, 2016
No. 6/2016
S.O. 520(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 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) in paragraph 6, after sub-paragraph (ii), the following proviso shall be inserted, namely:-
"Provided that the National Bank for Agriculture and Rural Development shall ear mark sixty per cent of such public issue under sub-paragraph (ii) for RIIs."

(b) in paragraph 9, in the TABLE,—

(i) for serial number 1 and entries relating thereto, the following serial number and entries shall be substituted, namely:—

| Sl. No. | Entities | Allocated amount of bonds (in crore) |
|---------|----------|------|
| 1 | National Highways Authority of India (NHAI) | 19000 |

(ii) after serial number 7 and entries relating thereto, the following serial number and entries shall be inserted, namely:-

| Sl. No. | Entities | Allocated amount of bonds (in crore) |
|---------|----------|------|
| 8 | National Bank for Agriculture and Rural Development (NABARD) | 5000 |

[F. No.178/ 1/2016-ITA-I]
DEEPSHIKHA SHARMA, Director

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.

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 by these entities and in an 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. 8/2016 [F.No.196/32/2014-ITA-I] / SO 530(E)  ·  Notification No. 5/2016 [F.No. 142/7/2014-TPL] / SO 502(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.