Amendment of section 245Q.
88. In section 245Q of the Income-tax Act, in sub-section (2), for the words “two thousand five hundred rupees”, the words “ten thousand rupees or such fee as may be prescribed in this behalf, whichever is higher” shall be substituted with effect from the 1st day of July, 2012.
Notes on Clauses:
Clause 88 of the Bill seeks to amend section 245Q of the Income-tax Act relating to application for advance ruling.
The provisions contained in sub-section (2) of the aforesaid section 245Q provide that the application for an advance ruling shall be made in quadruplicate and be accompanied by a fee of two thousand five hundred rupees.
It is proposed to amend the aforesaid sub-section so as to enhance the fee from two thousand five hundred rupees to ten thousand rupees or such fee as may be prescribed in this behalf, whichever is higher.
This amendment will take effect from 1st July, 2012.
