Clause 48 - Insertion of new section 115WM - FINANCE (No. 2) BILL, 2009

Insertion of new section 115WM.

48. After section 115WL of the Income-tax Act, the following section shall be inserted, namely:—

Chapter XII-H not to apply after a certain date.

"115WM. Nothing contained in this Chapter shall apply, in respect of any assessment for the assessment year commencing on the 1st day of April, 2010 or any subsequent assessment year.".

 

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Notes on Clauses:

Clause 48 of the Bill seeks to insert a new section 115WM relating to "Chapter XII-H not to apply after certain date".

The proposed new section provides that nothing contained in Chapter XII-H shall apply in respect of any assessment for the assessment year commencing on 1^st April, 2010 or any subsequent year.

This amendment will take effect from 1^st April, 2010 and will, accordingly, apply to the assessment year 2010-11 and subsequent assessment years.