CHAPTER III
DIRECT TAXES
Income-tax
Amendment of section 115WE.
31. In section 115WE of the Income-tax Act, in sub-section (1B), for the words, figures and letters "after the 31st day of March, 2010", the words, figures and letters "after the 31st day of March, 2011" shall be substituted.
Notes on Clauses:
Clause 31 of the Bill seeks to amend section 115WE of the Income-tax Act relating to assessment.
Under the existing provisions contained in sub-section (1B) of the aforesaid section, the Central Government may, save as otherwise expressly provided, for the purpose of giving effect to the scheme made under sub-section (1A) of that section, by notification in the Official Gazette, direct that any of the provisions of the Act relating to processing of returns shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in that notification. However, no direction is to be issued after 31st March, 2010.
It is proposed to extend the time limit from 31st March, 2010 to 31st March, 2011.
This amendment will take effect retrospectively from 1st April, 2010.
