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Case law › Notifications › 2018 › Notification No. 38/2018[F.No.300196/42/2017-ITA-I] / SO 3959(E)
Notification 10 August 2018

Notification No. 38/2018[F.No.300196/42/2017-ITA-I] / SO 3959(E)

Ministry of Finance

What this is

Notification No. 38/2018[F.No.300196/42/2017-ITA-I] / SO 3959(E) was published on 10 August 2018. Its subject is Ministry of Finance.

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.10s.11, s.19
s.139s.2, s.263, s.349

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 10th August, 2018
S.O. 3959(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, 'Insolvency and Bankruptcy Board of India', New Delhi, a board established by the Central Government, in respect of the following specified income arising to that board, namely:-

(a) Grants-in-aid received from Central Government;
(b) Fees received under the Insolvency and Bankruptcy Code, 2016 (31 of 2016);
(c) Fines collected under the Insolvency and Bankruptcy Code, 2016 (31 of 2016); and
(d) Interest income accrued on (a), (b) and (c) above.

2. This notification shall be effective subject to the conditions that Insolvency and Bankruptcy Board of India, New Delhi-
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3. This notification shall be deemed to have been applied for the financial year 2017-2018 and shall apply with respect to the financial years 2018-2019, 2019-2020, 2020-2021 and 2021-2022.

[Notification No. 38 /2018/F. No. 300196/42/2017-ITA-I]

VINAY SHEEL GAUTAM, Under Secy.

Explanatory Memorandum: It is certified that no person is being adversely affected by giving retrospective effect to this notification.

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.

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. 40/2018 [F.No.203/17/2017/ITA-II]  ·  Notification No. 39/2018 [F.No.300196/31/2017-ITA-I] / SO 3960(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.