MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 17th September, 2021

INCOME TAX

S.O. 3815(E). – In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that no deduction of tax shall be made on the following payment under section 194A of the said Act, namely payment in the nature of interest, other than interest on securities, made by a scheduled bank (hereinafter the “payer”) located in a specified area, to a member of Scheduled Tribe (hereinafter the “receiver”) residing in any specified area, as referred to in clause (26) of section 10 of the said Act, subject to the following conditions:

• (i) the payer satisfies itself that the receiver is a member of Scheduled Tribe residing in any specified area, and the payment as referred above is accruing or arising to the receiver as referred to in clause (26) of section 10 of the said Act, during the previous year relevant for the assessment year in which the payment is made, by obtaining necessary documentary evidences in support of the same;
• (ii) the payer reports the above payment in the statements of deduction of tax as referred to in subsection (3) of section 200 of the said Act;
• (iii) the payment made or aggregate of payments made during the previous year does not exceed twenty lakh rupees.

Explanation.- For the purposes of this notification, the expression “scheduled bank” shall have the same meaning as assigned to it in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934).

2. This notification shall come into force from the date of its publication in the Official Gazette.

[Notification No. 110/2021/F. No. 275/27/2021-IT(B)]

ARVIND KUMAR MISHRA, Under Secy.

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Ministry of Finance

Senior Citizens above 75 years of Age, Having Pension & Interest Income exempted from Filing Tax Return

Further push to Affordable / Rental housing

Faceless dispute resolution committee in the offing

Tax relaxations for attracting Foreign Investment in Infrastructure sector

Tax incentives announced in Budget for Start-ups

Number of return fillers increased from 3.31 Crore to 6.48 Crore in 6 years

01 FEB 2021

The Union Budget 2021-22 presented in Parliament today by the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman seeks to further simplify the Tax Administration, Litigation Management and ease the compliance of Direct Tax Administration.

In the Budget Speech, the Finance Minister provided relief to senior citizens in filing of income tax returns, reduced time limit for income tax proceedings, announced setting up of the Dispute Resolution Committee, faceless ITAT, relaxation to NRIs, increase in exemption limit from audit and relief for dividend income. She also announced steps to attract foreign investment into infrastructure, relief to affordable housing and rental housing, tax incentives to IFSC, relief to small charitable trusts, and steps for incentivizing Start-ups in the country.

Smt.Nirmala Sitharaman, in her Budget speech, said that post-pandemic, a new world order seems to be emerging and India will have a leading role therein. She said in this scenario, our tax system has to be transparent, efficient and should promote investment and employment in the country. The Minister said that at the same time, it should put minimum burden on our tax payers. She said that a series of reforms had been introduced by the Government for the benefit of tax payers and economy, including slashing of corporate tax rate, abolition of dividend distribution tax, and increasing of rebate for small tax payers. In the year 2020, the income tax return filers saw a dramatic increase to 6.48 crore from 3.31 crore in 2014.

Union Budget 2021

RELIEF TO SENIOR CITIZENS

In the 75th year of independence, the Budget seeks to reduce the compliance burden on senior citizens who are of 75 years of age and above. Such senior citizens having only pension and interest income will be exempted from filing their income tax returns. The paying Bank will deduct the necessary tax on their income.

RELAXATION TO NRIs, RELIEF FOR DIVIDEND

The Budget proposes to notify rules for removing the hardship of Non-Resident Indians returning to India, on the issue of their accrued incomes in their foreign retirement account. It proposes to make dividend payment to REIT/InvIT exempt from TDS. For Foreign Portfolio Investors, the Budget proposes deduction of tax on dividend income at lower treaty rate. The Budget provides that advanced tax liability on dividend income shall arise only after the declaration or payment of dividend. The Minister said that this was being done as the amount of dividend income cannot be estimated correctly by the shareholders for paying advance tax.

AFFORDABLE HOUSING/ RENTAL HOUSING

The Finance Minister proposed to extend the eligibility period for a claim of the additional deduction for the interest of Rs. 1.5 lakh on loan taken for the purchase of an affordable house to 31st March 2022. In order to increase the supply of affordable houses, she also announced the extension of the eligibility period for claiming tax holidays for affordable housing projects by one more year to 31st March 2022. For promoting the supply of affordable rental housing for the migrant workers, the Minister announced a new tax exemption for the notified affordable rental housing projects.

TAX BENEFITS FOR START UPS

In order to incentivize start ups in the country, Smt. Sitharaman announced extension in the eligibility for claiming tax holiday for startups by one more year till 31st March, 2022. In order to incentivize funding of start ups, she proposed extending the Capital Gains exemption for investment in start ups by one more year till 31st March, 2022.

TIMELY DEPOSIT OF EMPLOYEES’ CONTRIBUTION TO LABOUR WELFARE FUNDS

The Finance Minister said that delay in deposit of the contribution of employees towards various welfare funds results in permanent loss of interest/income for the employees. In order to ensure timely deposit of employee’s contribution to these funds by the employers, she announced that late deposit of employee’s contribution shall never be allowed as a deduction to the employer.

REDUCTION IN TIME FOR REOPENING INCOME TAX PROCEEDINGS

In order to reduce the compliance burden, the Budget provides a reduction in the time-limit for reopening of income tax proceedings to three years from the present six years. In serious tax evasion cases, where there is evidence of concealment of income of Rs. 50 lakh or more in a year, the assessment can be reopened up to 10 years but only after the approval of the Principal Chief Commissioner.

DISPUTE RESOLUTION COMMITTEE & NATIONAL FACELESS INCOME TAX APPELLATE TRIBUNAL CENTRE

Stating the resolve of the Government to reduce litigation in the taxation system, the Finance Minister said that the Direct Tax ‘Vivad se Vishwas’ Scheme announced by the Government has been received well. Until 30th January 2021, over one lakh ten thousand taxpayers have opted to settle tax disputes of over Rs. 85 thousand crores under the Scheme. To further reduce litigation of small taxpayers, Smt. Sitharaman proposed to constitute a Dispute Resolution Committee. Anyone with a taxable income up to Rs. 50 lakh and disputed income up to Rs. 10 lakh, shall be eligible to approach the Committee which will be faceless to ensure efficiency, transparency, and accountability. She also announced the setting up of National Faceless Income Tax Appellate Tribunal Centre.

TAX AUDIT LIMIT HIKED FOR DIGITAL TRANSACTIONS

To incentivize digital transactions and to reduce the compliance burden of the person who is carrying almost all of their transactions digitally, the Budget proposes to increase the limit for tax audit for persons who are undertaking 95 percent of their transactions digitally from Rs. 5 Crore to Rs. 10 Crore.

INCENTIVES FOR FOREIGN INVESTMENTS

To attract foreign investment into the infrastructure sector, the Budget proposes to relax certain conditions relating to prohibition on private funding, restriction on commercial activities, and direct investment in infrastructure. In order to allow funding of infrastructure by the issue of zero-coupon bonds, the Budget proposes to make notified infrastructure debt funds eligible to raise funds by issuing tax-efficient zero-coupon bonds.

TAX INCENTIVE TO IFSC

In order to promote International Financial Services Centre (IFSC) in GIFT City, the Budget proposes more tax incentives which include tax holiday for Capital gains from incomes of aircraft leasing companies, tax exemption for aircraft lease rentals paid to foreign lessors, tax incentives for relocating foreign funds in the IFSC and to allow tax exemption to the investment division of foreign banks located in IFSC.

RELIEF TO SMALL TRUSTS

In order to reduce the compliance burden on the small charitable trusts running educational institutions and hospitals, the Budget proposes to increase the limit on annual receipts for these trusts from present Rs.1 Crore to Rs. 5 Crore for non-applicability of various compliances.

FACELESS ITAT

Smt. Nirmala Sitharaman further proposed to make Income Tax Appellate Tribunal faceless. She proposed a National Faceless Income Appellate Tribunal Centre, wherein all communication between the Tribunal and the appellant shall be electronic.

PRE-FILLING OF RETURNS

In order to ease the filing of returns, the Budget proposes that details of capital gains from listed securities, dividend income, and interest from banks, post office, etc. will also be pre-filled in returns. Details of salary income, tax payment, TDS, etc already come pre-filled in returns.

Source: PIB

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Ministry of Finance

Income-tax Exemption for payment of deemed LTC fare for non-Central Government employees

29 OCT 2020

In view of the COVID-19 pandemic and resultant nationwide lockdown as well as disruption of transport and hospitality sector, as also the need for observing social distancing, a number of employees are not able to avail of Leave Travel Concession (LTC) in the current Block of 2018-21.

With a view to compensate Central Government employees and incentivise consumption, thereby giving a boost to consumption expenditure, the Government of India allowed payment of cash allowance equivalent to LTC fare to Central Government employees subject to fulfilment of certain conditions vide OM No F. No 12(2)/2020-EII (A) dated 12th October 2020. It has also been provided that since the cash allowance of LTC fare is in lieu of deemed actual travel, the same shall be eligible for income-tax exemption on the lines of existing income-tax exemption available for LTC fare.

In order to provide the benefits to other employees (i.e. non-Central Government employees) who are not covered by the above mentioned OM, it has been decided to provide similar income-tax exemption for the payment of cash equivalent of LTC fare to the non-Central Government employees also. Accordingly, the payment of cash allowance, subject to maximum of Rs 36,000 per person as Deemed LTC fare per person (Round Trip) to non-Central Government employees, shall be allowed income-tax exemption subject to fulfilment of conditions specified in para 4.

The income-tax exemption to receipt of deemed LTC fare by a non-Central Government employee (‘the employee’) shall be allowed subject to fulfilment of the following conditions:-

(a) The employee exercises an option for the deemed LTC fare in lieu of the applicable LTC in the Block year 2018-21.

(b) The employee spends a sum equals to three times of the value of the deemed LTC fare on purchase of goods / services which carry a GST rate of not less than 12% from GST registered vendors / service providers (‘the specified expenditure’) through digital mode during the period from the 12th of October, 2020 to 31st of March, 2021 (‘specified period’) and obtains a voucher indicating the GST number and the amount of GST paid.

(c) An employee who spends less than three times of the deemed LTC fare on specified expenditure during the specified period shall not be entitled to receive full amount of deemed LTC fare and the related income-tax exemption and the amount of both shall be reduced proportionately as explained in Example-A below.

The DDOs shall allow income-tax exemption subject to fulfilment of the above conditions after obtaining copies of invoices of specified expenditure incurred during the specified period. Further, as this exemption is in lieu of the exemption provided for LTC fare, an employee who has exercised an option to pay income tax under concessional tax regime under section 115BAC of the Income-tax Act, 1961 shall not be entitled for this exemption.

The clarifications issued by the Department of Expenditure, Ministry of Finance for the Central Government employees vide OM F. No 12(2)/2020-EII (A) Dated 20th October, 2020 and subsequent clarification, if any, issued in this regard shall apply mutatis mutandis to non-Central Government employees also subject to fulfilment of conditions specified in the preceding paras.

The legislative amendment to the provisions of the Income-tax Act, 1961 for this purpose shall be proposed in due course.

FAQ on LTC Cash Voucher Scheme – LTC Fare for Central Government Employees during the Block 2018-21

Example-A

Deemed LTC Fare : Rs.20,000 x 4 = Rs. 80,000

Amount to be spent : Rs. 80,000 x 3 = Rs. 2,40,000

Thus, if an employee spends Rs. 2,40,000 or above on specified expenditure, he shall be entitled for full deemed LTC fare and the related income-tax exemption. However, if the employee spends Rs. 1,80,000 only, then he shall be entitled for 75% (i.e. Rs. 60,000) of deemed LTC fare and the related income-tax exemption. In case the employee already received Rs. 80,000 from employer in advance, he has to refund Rs. 20,000 to the employer as he could spend only 75% of the required amount.

PIB

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Introduction of Floating Rate Savings Bonds, 2020 (Taxable)

26 JUN 2020

The Government has notified the new Floating Rate Savings Bonds, 2020 (Taxable)Scheme in place of 7.75 percent Savings (Taxable) Bonds, 2018 Scheme which ceased for subscription from the close of banking business on May 28, 2020. The broad features of the new Floating Rate Savings Bonds, 2020 (Taxable) scheme are given below:

New Floating Rate Savings Bonds, 2020 (Taxable) scheme

Also check: Revision of interest rates for Small Savings Schemes

Source: PIB

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In order to provide significant relief to individual taxpayers and to simplify the Income-Tax law, the Finance Minister proposed to introduce a new and simpler personal income tax system in which income tax rates will be substantially reduced for individual taxpayers who forgo such deductions and exemptions.

The proposed tax-slab adjustments are listed in the table below:

Surcharge and cess shall be continued to be levied at the existing rates.

In the new tax system, a taxpayer will gain substantial tax benefit, depending on the exemptions and deductions that he seeks. Thus its tax burden in the new regime will be reduced by Rs. 78,000. He would still be the gainer in the new regime, even though under the old regime he took deduction from Rs. 1.5 Lakh under various sections of Chapter VI-A of the Income Tax Act.

To individuals the new tax system will be free. An person currently benefiting from more deductions and exemptions under the Income Tax Act may choose to take advantage of them and continue to pay tax in the old regime.

The new rates for personal income tax would require foregone revenue of Rs. 40,000 crore per year. Measures were implemented to pre-fill the income tax return so that a person who opts for the new regime would not need an expert’s assistance to file their report and pay income tax.

The Finance Minister said that over the past several decades she has reviewed all exemptions and deductions that have been incorporated into the income tax legislation. The Income Tax Act currently provides more than one hundred exemptions and deductions of different character. In the new simplified regime, she said she has removed about 70 of them. She said that in the coming years, the remaining exemptions and deductions would also be reviewed and rationalized to further simplify the tax system and lower the tax rate.

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SB Order No. 02/2020

F.No 109-27/2019-SB
Govt. of India Ministry of Communication
Department of Posts (F.S. Division)

Dak Bhawan, New Delhi-110001
Dated: 09.01.2020

To,

All Head of Circles / Regions
Addl. Director General, APS, New Delhi

Subject :- Deduction of TDS in respect of Cash Withdrawal above Rs. 1 Crore by an account holder of National Savings Schemes regarding .

Sir / Madam,

The undersigned is directed to inform that Government of India has inserted Section 194 N in the Income Tax Act, 1961, through Finance Act (No.2) 2019 for deduction of TDS @2% on cash withdrawals in excess of Rs. 1 crore in a year, from 1.9.20 19, and the new provision mentioned in Section 194 N is applicable from the financial year 2019·20. Text of the new Section is reproduced below :-

Payment of certain amounts in cash.

194 N. Every person, being,-

• a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
• a co-operative society engaged in carrying on the business of banking; or
• a post office,

Also check: National Savings Certificates Scheme 2019 – Gazette Notification

who is re possible for paying any sum, or, as the case may be, aggregate of sums, in ca h, in excess of one crore rupees during the previous year, to any person (herein referred to as the recipient) from one or more accounts maintained by the recipient with it shall, at the time of payment of such sum , deduct an amount equal to two per cent of sum exceeding one crore rupees, as income tax:

Provided that nothing contained in this sub-section shall apply to any payment made to,

• the Government;
• any banking company or co-operative society engaged in carrying on the business of banking or a post office.
• any business correspondent of banking company or co-operative society engaged in carrying on the business of banking, in accordance with the guidelines issued in this regard by the Reserve Bank of India Act, 1934 ( 2 of 1934);
• any white label automated teller machine operator of a banking company or co­ operative society engaged in carrying on the business of banking, in accordance with the authorization issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51of 2007);
• such other person or class of persons, which the Central Government may, be notification in the Official Gazette, specify in consultation with the Reserve Bank of India ;

Further Clarification issued by CBDT on 30.8.2019
(extract from press release of CBDT dated 30.08.2019)

“…..The CBDT, having considered the concerns of the people, hereby clarifies that section 194N inserted in the Act, is to come into effect from 1st September, 2019. Hence any cash withdrawal prior to 1st September, 2019 will not be subjected to the TDS under Section 194N. However, since the threshold of Rs. 1crore is with respect to the previous year, calculation of amount of cash withdrawal for triggering deduction under section 194N shall be counted from 1st April, 20 19. Hence, if a person has already withdrawn Rs. 1crore or more in cash up to 31st August , 2019 from one or more accounts maintained with a banking company or a cooperative bank or a post office, the 2% TDS shall apply on all subsequent cash withdrawals made on or after 1st September, 2019.”

Also read: National Small Savings Schemes 2020 interest rate

2. With this amendment, now TDS @2% will be applicable on all cash withdrawals above Rs. One Crore taken by an account holder in his/ her all type of Small Savings Schemes Accounts / Certificates taken together, from 1.4.2019 onwards. However, for the current financial year (2019-20) as per clarification issued by CBDT, TDS will be deducted on cash withdrawals taken on or after 1.9.2019, even if cash withdrawals are taken in excess of Rs.1 Crore from 1.4.2019 to 31.8.2019. The TDS @ 2% is to be deducted on all subsequent cash withdrawal (from 01.09.2019) to be taken by a customer who has taken cash withdraw als in excess of Rs. lcrore during 2019-20 in his/ her all accounts.

3. Necessary changes in FINACLE will be done in due course to automatically deduct TDS at the time of such cash withdrawal. Till these changes are done, CEPT Team will inform details of such Account Holders in the first week of every month to the respective CPC which will inform the concerned Post Office to deduct TDS @2%. Post Offices have to ensure that PAN number of such account holder are invariably taken and fed in Finacle. TDS so deducted should be accounted under Section 194N and incorporated in TDS return of HO (for HO and its SOs). Account holder should be informed of such deduction at the time of cash withdrawal.

4. It is requested to circulate this amendment to all concerned for information and guidance and necessary action.

5. This issues with the approval of Competent Authority.

Yours Faithfully,
(Devendra Sharma)
Assistant Director (SB)

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Ministry of Finance has enhanced the income tax exemption for gratuity under section 10 (10) (iii) of the Income Tax Act, 1961 to Rs. 20 lakhs. Shri Santosh Kumar Gangwar, Minister of State for Labour and Employment has expressed hope that this would benefit those employees of PSUs and other employees not covered by Payment of Gratuity Act, 1972 and has thanked the Finance Minister for enhancing the exemption limit.

The ceiling of Gratuity amount under the Payment of Gratuity Act, 1972 has been raised from time to time keeping in view over-all economic condition and employers capacity to pay and the salaries of the employees, which have been increased in private sector and in PSUs.

The latest such enhancement of ceiling of gratuity was made vide Government of India Notification dated 29.03.2018 under which the gratuity amount ceiling has been increased from Rs.10 lakhs to 20 lakhs w.e.f. 29.3.2018.

PIB

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Finance Minister Piyush goyal has proposed that individuals with income upto Rs 5 lakh will not have to pay any income tax for FY2019-20.

In the previous budgets also, the Narendra Modi led-government provided tax relief to taxpayers. In Budget 2014, the minimum tax-exemption limit was raised from Rs 2 lakh to Rs 2.5 lakh. Along with that deduction, limit under section 80C was hiked by Rs 50,000 to Rs 1.5 lakh and deduction on interest paid on a housing loan to Rs 2 lakh.

Currently, income up to Rs 2.5 lakh for resident individuals (age below 60 years) is exempt from tax. Similarly, for senior citizens aged 60 years and above but below 80 years, income up to Rs 3 lakh is exempt from tax. Income up to Rs 5 lakh is exempt from tax for super senior citizens (age 80 years and above).

In Budget 2017, Jaitley slashed the tax rate for income between Rs 250,001 and Rs 5 lakh to 5 per cent from 10 per cent earlier. This rate cut gave a tax relief of Rs 12,500 to every taxpayer.

Income tax rates for individuals below 60 years is as follows: No tax on income up to Rs 2.5 lakh, 5 per cent tax on income between Rs 250,001 to Rs 5 lakh; 10 per cent tax on income between Rs 500,001 and Rs 10 lakh; and 30 per cent tax on income above Rs 10 lakh.

For senior citizens (aged 60 years or above but less than 80 years), income up to Rs 3 lakh is exempt from tax. Income from Rs 300,001 to Rs 5 lakh is taxed at 5 per cent, from Rs 500,001 to Rs 10 lakh at 20 per cent and above Rs 10 lakh at 30 per cent.

For super senior citizens, aged 80 years and above, income up to Rs 5 lakh is exempt from tax. Income from Rs 500,001 to Rs 10 lakh is taxed at 20 per cent and above Rs 10 lakh is taxed at 30 per cent.

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Interest rates on these post office saving schemes move in line with the government’s interest rates on small savings schemes.India Post or Department of Posts, which runs the postal network of the country, offers a number of saving schemes with income tax benefits. Using these saving schemes, investor can claim a deduction up to Rs. 1.5 lakh in a financial year from taxable income under Section 80C of the Income Tax Act. Interest rates on these post office saving schemes move in line with the government’s interest rates on small savings schemes, which are revised on a quarterly basis.

Here are post office saving schemes that offer tax benefits:

Post Office Time Deposit (TD) or Fixed Deposit (FD) account

In a post office fixed deposit (FD), one can deposit a lump sum of money for a specific period and avail of features like guaranteed returns and choice of interest payout. Post office time deposit (TD) or Fixed Deposit (FD) account offers interest rates across four maturities: one year, two years, three years, and five years, noted India Post on it’s official website- indiapost.gov.in. The investment under 5 years fixed deposit qualifies for the benefit of Section 80C of the Income Tax Act, 1961, mentioned India Post.

Post Office Public Provident Fund (PPF) account

Post office Public Provident Fund (PPF) account offers an investment avenue with decent returns coupled with income tax benefits. For the quarter ending December, PPF accounts fetch an interest rate of 8 per cent per annum. Interests on deposits are compounded on an annual basis, which means that it is added to the principal amount every year, noted India Post. PPF comes under the exempt, exempt, exempt (EEE) category of tax status. This means that returns, maturity amount and interest income are exempt from income tax. Deposits qualify for deduction from income under Section 80C of Income Tax Act.

Post Office Senior Citizen Savings Scheme (SCSS) account

Post Office Senior Citizen Savings Scheme (SCSS) serves as an investment avenue and helps in generating wealth for a successful retirement life. SCSS earns an interest rate of 8.7 per cent per annum, which is payable from the date of deposit on March 31/ September 30/December 31 in the first instance and thereafter, interest are payable on March 31, June 30, September 30 and December 31. Tax Deducted At Source (TDS) is deducted at source on interest if the interest amount is more than Rs. 10,000 per annum. Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from April 1, 2007.

Post office National Savings Certificates (NSCs)

Post Office National savings certificates (NSCs) fetch an interest rate of 8 per cent per annum. This interest is compounded annually but payable at maturity. An NSC of Rs. 100 will offer Rs. 146.93 on maturity after five years. NSCs have a lock-in period of five years. Deposits in the National Savings Certificate qualify for deduction under Section 80C of the Income Tax Act.

Source: NDTV

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(i) Sukanya Samriddhi Account has been specified under clause (viii) of Sub Section (2) of Section 80(C) of Income Tax Act 1961 and deposits under these accounts enjoy benefit of this Income Tax Section up to the overall maximum limit of Rs. One lakh Fifty Thousand (1,50,000).

(ii) By Finance Act 2015, a new clause (11A) has been inserted under Section 10 of Income Tax Act 1961 under which any amount withdrawn from Sukanya Samriddhi
Account will not be included in the total income of a previous year of a person for the purpose of calculation of Income Tax.

(iii) By Finance Act 2015, a new clause (ba) has been inserted under clause (viii) of sub-section 4 of Section SOC of Income Tax Act 1961 under which a Legal Guardian can claim Income Tax benefit for the amount deposited by him or his/her girl child under the Sukanya Samriddhi Account.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION NO. 09/2015
INCOME-TAX

Dated – 21st January, 2015

In exercise of the powers conferred by clause (viii) of sub-section (2) of section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the ‘Sukanya Samriddhi Account‘ for the purposes of the said clause.

This notification shall come into force with effect from the date of its publication in the Official Gazette.

[F.NO.178/3/2015-ITA-1]

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