Case law › Notifications › 2019 › Notification No. 70/2019/F. No. 370142/12/2019-TPL (Part-1), SO 3427(E)

Notification 20 September 2019

Notification No. 70/2019/F. No. 370142/12/2019-TPL (Part-1), SO 3427(E)

2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(ii)]

What this is

Notification No. 70/2019/F. No. 370142/12/2019-TPL (Part-1), SO 3427(E) was published on 20 September 2019. Its subject is 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(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 Act	Now
s.194N	s.393, s.400

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.

2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]

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

New Delhi, the 20th September, 2019
(INCOME-TAX)
S.O. 3427(E).—In exercise of the powers conferred by clause (v) of the proviso to section 194N of the Income-tax Act, 1961 (43 of 1961), the Central Government after consultation with the Reserve Bank of India, hereby specifies the commission agent or trader, operating under Agriculture Produce Market Committee (APMC), and registered under any Law relating to Agriculture Produce Market of the concerned State, who has intimated to the banking company or co-operative society or post office his account number through which he wishes to withdraw cash in excess of rupees one crore in the previous year along with his Permanent Account Number (PAN) and the details of the previous year and has certified to the banking company or co-operative society or post office that the withdrawal of cash from the account in excess of rupees one crore during the previous year is for the purpose of making payments to the farmers on account of purchase of agriculture produce and the banking company or co-operative society or post office has ensured that the PAN quoted is correct and the commission agent or trader is registered with the APMC, and for this purpose necessary evidences have been collected and placed on record.

2. The notification shall be deemed to have come into force with effect from the 1st day of September, 2019.

[Notification No. 70/2019/F. No. 370142/12/2019-TPL (Part-1)]
SAURABH GUPTA, Under Secy. (Tax Policy & Legislation Division)

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. 123/2024 [F. No. 275/39/2021-IT(B)] / 5121(E) — 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(ii)] 28 November 2024
Circular No. 14/2020 — Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 20 July 2020
Notification No. 80/2019 [F.No. 370142/12/2019-TPL (Part 2)] / SO 3719(E) — Ministry of Finance 15 October 2019
Notification No. 74/2019 [F.No.370142/18/2019-TPL] / GSR 694(E) — Ministry of Finance 27 September 2019
Notification No. 68/2019 [F.No.370142/12/2019-TPL]/SO 3356(E) — 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(ii)] 18 September 2019

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.