Case law › Notifications › 2022 › Notification No. 59/2022 [F. No. 370142/11/2022-TPL] / S.O. 2602(E)

Notification 6 June 2022

Notification No. 59/2022 [F. No. 370142/11/2022-TPL] / S.O. 2602(E)

Ministry of Finance

What this is

Notification No. 59/2022 [F. No. 370142/11/2022-TPL] / S.O. 2602(E) was published on 6 June 2022. 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 Act	Now
s.9A	s.9

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 6th June, 2022
S.O. 2602(E).—In exercise of the powers conferred by sub-section (8A) of section 9A of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act), the Central Government hereby specifies that in case of an,—

(a) eligible investment fund referred to in sub-section (8A) of section 9A of the Act, the conditions specified in,—
(i) clause (e), clause (f) and clause (g) of sub-section (3) of section 9A of the Act shall not apply;
(ii) clause (k) of sub-section (3) of section 9A of the Act shall be modified in the following manner, namely:-
"(k) the fund shall not carry on, or participate in, the day to day operations of any person in India and for this purpose the monitoring mechanism to protect the investment in such person including the right to appoint directors or executive director shall not be considered as participation in day to day operations of such person in India;";

(b) eligible fund manager referred to in sub-section (8A) of section 9A of the Act, the conditions specified in clause (b) of sub-section (4) of section 9A of the Act shall be modified in the following manner, namely:—
"(b) the person is registered as a portfolio manager or an investment advisor in accordance with the International Financial Services Centres Authority (Capital Market Intermediaries) Regulation 2021 as notified under the International Financial Services Centres Authority Act, 2019 (50 of 2019) or such other regulations made under the International Financial Services Centres Authority Act, 2019 (50 of 2019);".

2. This notification shall come into force from the date of its publication in the Official Gazette.
[Notification No. 59/2022/F. No. 370142/11/2022-TPL]
NEHA SAHAY, Under Secy.
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.

Circular No. 12/2021 — Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic 25 June 2021
Notification No. 13/2021 [F. No. 142/15/2015-TPL]/ GSR No. 162(E) — Ministry of Finance 9 March 2021
Circular No. 1/2021 — Amount of remuneration prescribed under section 9A 3 m of the income tax act 1961 15 January 2021
Notification No. 41/2020 [F. No. 142/15/2015-TPL- Part (1)] / SO 2148(E) — 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(ii)] 30 June 2020
Circular No. 8/2019 — Clarification regarding definition of fund manager under section 9A 4 b of the income tax act 1961 10 May 2019
Notification No. 27/2019 [F.No. 500/182/2018 -FT&TR - V] /SO 1420(E) — jftLVªh laö Mhö ,yö&33004@99 REGD. NO. D. L.-33004/99 20 March 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.