CBDT : Notification under section 47 of Income tax Act 1961

Last updated: 12 September 2023

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The Central Board of Direct Taxes (CBDT) has issued a notification amending Section 47 of the Income Tax Act, 1961. This amendment specifically introduces new definitions and inclusions related to units of investment trusts and schemes, including those launched under the International Financial Services Centres Authority (Fund Management) Regulations, 2022. These changes are effective from the date of publication in the Official Gazette.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th September, 2023 INCOME-TAX S.O. 3981(E).In exercise of the powers conferred by sub-clause (d) of clause (viiab) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Gov

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FAQ :

The purpose of this notification is to make further amendments to the existing notification under Section 47 of the Income Tax Act, 1961, specifically concerning investment trusts and schemes.

The notification includes units of investment trusts, units of a scheme, and units of an Exchange Traded Fund (ETF) launched under the International Financial Services Centres Authority (Fund Management) Regulations, 2022.

These amendments come into force with effect from the date of their publication in the Official Gazette.

The definitions for 'Investment Trust' and 'Scheme' are assigned in the International Financial Services Centres Authority (Fund Management) Regulations, 2022.