The Central Board of Direct Taxes (CBDT) has issued Notification No. 14/2024 dated January 23, 2024, amending several previous notifications under Section 10(46) of the Income Tax Act, 1961 for the retrospective application.
The notifications namely S.O. 2774(E) dated July 09, 2021, S.O. 2826(E) dated July 14, 2021, S.O. 4523(E) dated October 29, 2021, S.O. 4525(E) dated October 29, 2021, S.O. 73(E) dated January 06, 2022, S.O. 1769(E) dated April 11, 2022, S.O. 1977(E) dated April 28, 2022, S.O. 1044(E) dated March 03, 2023, S.O. 1690(E) dated April 10, 2023, and S.O. 2155(E) dated May 10, 2023 were amended through this notification.
The crucial amendment is in paragraph 3 of the notifications, and as per the revised text, it now reads:
“This notification shall be deemed to have been applied for the financial year 2020-2021 to the financial year 2024-2025 relevant to the assessment year 2021-2022 to the assessment year 2025-2026.”
Additionally, the CBDT has amended another previous notification, S.O. 1585(E) dated April 01, 2023, with the revised paragraph 3 reading:
“This notification shall be deemed to have been applied for the financial year 2020-2021 to the financial year 2022-2023 relevant to the assessment year 2021-2022 to the assessment year 2023-2024.”
The Explanatory Memorandum accompanying these amendments assures that no individual will face adverse consequences due to the retrospective effect of this notification. This move by the CBDT is part of its ongoing efforts to streamline and update the regulatory framework, ensuring clarity and adherence to taxation policies. The retrospective application is designed to align the notifications with the financial years and assessment years specified in the amendments, providing a comprehensive and cohesive regulatory landscape.
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