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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2011 Chapters List Chapter III - Part 1 Direct Taxes - Income Tax This

Clause 22 - Amendment of section 133. - FINANCE BILL, 2011

FINANCE BILL, 2011
Chapter III - Part 1
Direct Taxes - Income Tax
  • Contents

22. In section 133 of the Income-tax Act, after the second proviso, the following proviso shall be inserted with effect from the 1st day of June, 2011, namely:— 

"Provided also that for the purposes of an agreement referred to in section 90 or section 90A, anincome-tax authority notified under sub-section (2) of section 131 may exercise all the powersconferred under this section, notwithstanding that no proceedings are pending before it or any other income-tax authority.".

 



 

Notes on Clauses:

Clause 22 of the Bill seeks to amend section 133 of the Income-tax Act relating to power to call for information.

Under the existing provisions contained in section 133, the income-tax authorities referred to in that section have been empowered to call for information which is useful for or relevant to, any proceeding under the Act.

It is proposed to insert a new proviso after the second proviso to the aforesaid section so as to provide that for the purposes of an agreement referred to in section 90 or section 90A, an income-tax authority notified under sub-section (2) of section 131 may exercise all the powers conferred under section 133, notwithstanding that no proceedings are pending before it or any other income-tax authority.

This amendment will take effect from 1st June, 2011.

 
 
 
 

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