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Case law › Notifications › 2024 › Notification No. 85/2024 [F.No. 500/Misc./S10(23FE)/FT&TR-II] / SO 2861(E)
Notification 18 July 2024

Notification No. 85/2024 [F.No. 500/Misc./S10(23FE)/FT&TR-II] / SO 2861(E)

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

What this is

Notification No. 85/2024 [F.No. 500/Misc./S10(23FE)/FT&TR-II] / SO 2861(E) was published on 18 July 2024. Its subject is 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(ii)].

What it does

Acting under sub-clause (iv) of clause (c) of Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961, the Central Government amends its notification S.O. 5080(E) dated 31 October 2022 (Notification No. 119/2022). In the opening paragraph of that notification, "31st day of March, 2024" is substituted by "31st day of March, 2025", extending the outer date for the qualifying investment by a year. The amendment operates except as respects things done or omitted to have been done on and from 1 April 2024 till the date of publication of this notification in the Official Gazette.

Who it reaches

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.3s.3
s.10s.11, s.19

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 18th July, 2024

S.O. 2861(E).–– ).––In exercise of the powers conferred by sub-clause (iv) of clause (c) of Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance, Department of Revenue (Central Board of Direct Taxes) number S.O. 5080(E), dated the 31st October, 2022 [Notification No. 119/2022/F.No. 500/PF4/S10(23FE)/FT&TRII(2)] published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii), except as respects things done or omitted to have been done on and from the 1st day of April, 2024 till the date of publication of this notification in the Official Gazette, namely:––

In the said notification, in the opening paragraph, for the figures, letters and words "31st day of March, 2024", the figures, letters and words "31st day of March, 2025" shall be substituted.

[Notification No. 85/2024/F.No. 500/Misc./S10(23FE)/FT&TR-II]

APOORV TIWARI,Under Secy

Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii) vide number S.O. 5080(E), dated the 31st October, 2022.

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.

From when

18 July 2024, the substituted outer date being 31 March 2025, with things done or omitted from 1 April 2024 to the date of publication saved.

What to watch

Where you meet it

In the notified fund's return and its claim to exemption under section 10(23FE), and in the investee's record of the date of the investment.

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. 84/2024 [F.No. 500/Misc./S10(23FE)/FT&TR-II] / SO 2860(E)  ·  Notification No. 86/2024 [F.No. 500/Misc./S10(23FE)/FT&TR-II] / SO 2862(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.