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Case law › Notifications › 2024 › Notification No. 4/2024 [F. No. 370142/48/2023-TPL] / SO 66(E)
Notification 4 January 2024

Notification No. 4/2024 [F. No. 370142/48/2023-TPL] / SO 66(E)

Ministry of Finance

What this is

Notification No. 4/2024 [F. No. 370142/48/2023-TPL] / SO 66(E) was published on 4 January 2024. 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.2s.2, s.346, s.355
s.3s.3
s.10s.11, s.19
s.80LAs.2, s.147

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 4th January, 2024
S.O. 66(E).— In exercise of the powers conferred by sub-clause (ii) of clause (4G) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies activity of investment in a financial product by the non-resident, in accordance with a contract with such non-resident entered into by a capital market intermediary, being a Unit of an International Financial Services Centre, where the income from such investment is received in the account of the non-resident maintained with the Offshore Banking Unit of such International Financial Services Centre, as referred to in sub-section (1A) of section 80LA.

Explanation.—For the purposes of this notification,—
(i) "capital market intermediary" shall have the meaning as assigned to it in clause (ga) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021;
(ii) "financial product" shall have the meaning as assigned to it in sub-clause (d) of sub-section (1) of section 3 of International Financial Services Centres Authority Act, 2019 (50 of 2019);
(iii) "International Financial Services Centre" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);
(iv) "Unit" shall have the same meaning as assigned to it in clause (zc) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).

[Notification No. 04/2024 F. No. 370142/48/2023-TPL]
SOURABH JAIN, Under Secy. (TPL-I)
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.5/2024 [F. No. 500/PF11/S10(23FE)/FT&TR-II(2)] / SO 64(E)  ·  Notification No. 2/2024 [F. No. 300196/20/2019-ITA-I] / SO 41(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.