Case law › Notifications › 2023 › Notification No. 29/2023 [F. No. 370142/9/2023-TPL (Part-I)] / SO 2274(E)

Notification 24 May 2023

Notification No. 29/2023 [F. No. 370142/9/2023-TPL (Part-I)] / SO 2274(E)

[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3

What this is

Notification No. 29/2023 [F. No. 370142/9/2023-TPL (Part-I)] / SO 2274(E) was published on 24 May 2023. Its subject is [भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3.

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.56	s.2, s.92

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.

[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 24th of May, 2023
(INCOME-TAX)
S.O. 2274(E).—In exercise of the powers conferred by sub-clause (ii) of the first proviso to clause (viib) of sub-section (2) of Section 56, the Central Government hereby notifies the following class or classes of persons, for the purposes of the said clause, namely:-

(i) Government and Government related investors such as central banks, sovereign wealth funds, international or multilateral organizations or agencies including entities controlled by the Government or where direct or indirect ownership of the Government is seventy-five percent or more;

(ii) Banks or Entities involved in Insurance Business where such entity is subject to applicable regulations in the country where it is established or incorporated or is a resident;

(iii) Any of the following entities, which is a resident of any country or specified territory listed in Annexure, and such entity is subject to applicable regulations in the country where it is established or incorporated or is a resident :––

(a) entities registered with Securities and Exchange Board of India as Category-I Foreign Portfolio Investors;

(b) endowment funds associated with a university, hospitals or charities;

(c) pension funds created or established under the law of the foreign country or specified territory;

(d) Broad Based Pooled Investment Vehicle or fund where the number of investors in such vehicle or fund is more than fifty and such fund is not a hedge fund or a fund which employs diverse or complex trading strategies.

ANNEXURE
List of Countries

| Sl. No. | Name of Country/ Specified Territory |
|---------|--------------------------------------|
| 1 | Australia |
| 2 | Austria |
| 3 | Belgium |
| 4 | Canada |
| 5 | Czech Republic |
| 6 | Denmark |
| 7 | Finland |
| 8 | France |
| 9 | Germany |
| 10 | Iceland |
| 11 | Israel |
| 12 | Italy |
| 13 | Japan |
| 14 | Korea |
| 15 | New Zealand |
| 16 | Norway |
| 17 | Russia |
| 18 | Spain |
| 19 | Sweden |
| 20 | United Kingdom |
| 21 | United States |

[Notification No. 29/2023/F. No. 370142/9/2023-TPL (Part-I)]
AMRIT PRITOM CHETIA, Under Secy. (Tax Policy and Legislation)
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. 15/2023 — Guidelines under clause 10D of section 10 of the income tax act 1961 16 August 2023
Notification No. 51/2023 [F. No. 370142/22/2023-TPL] / GSR 519(E) — Ministry of Finance 18 July 2023
Notification No. 30/2023 [F. No. 370142/9/2023-TPL (Part-I)] / SO 2275(E) — Ministry of Finance 24 May 2023
Notification No. 91/2022 [F. No. 370142/31/2022-TPL (Part-2) / SO 3704(E) — Ministry of Finance 5 August 2022
Notification No. 92/2022 [F. No. 370142/31/2022-TPL (Part-2)] / SO 3705(E) — Ministry of Finance 5 August 2022
Notification No. 105/2021 [F. No. 370149/158/2021-TPL] / GSR 623(E) — Ministry of Finance 10 September 2021

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.