class="MsoNormal" style="text-align: justify;">The Central Board of Direct Taxes (CBDT) on July 14, 2023, issued a notification regarding the amendment to Ministry of Finance, Number 55/2019, dated July 26, 2019, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide number S.O. 2672(E).
Exempting the class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under subsection (1) of section 139 of the Income-tax Act, 1961 from Assessment Year 2019-20 onwards.
The following has been amended-
· Clause (a) of the Explanation to the first para is substituted as under:
“Explanation:- For the purposes of this paragraph,- a. "investment fund" means any fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate which has been granted a certificate of registration as a Category I or a Category II Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or regulated under the International Financial Services Centres Authority (Fund Management) Regulations, 2022 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019);” This notification shall come into force with effect from the date of its publication in the Official Gazette.
[Notification No. S.O. 3147(E)]
