Amendment of section 245R
45. In section 245R of the Income-tax Act, in sub-section (2), in the proviso, in clause (iii), ––
(a) the words, brackets, figures and letters “or in the case of an applicant falling in sub-clause (iiia) of clause (b) of section 245N” shall be omitted;
(b) after the words, brackets, letters and figures “clause (b) of section 245N”, the words, brackets, figures and letters “or in the case of an applicant falling in sub-clause(iiia) of clause (b) of section 245N” shall be inserted with effect from the 1st day of April, 2015.
Notes on Clauses:
Clause 45 of the Bill seeks to amend section 245R of the Income-tax Act relating to procedure on receipt of application by Authority for Advance Rulings.
It is proposed to amend clause (iii) of proviso to subsection (2) of section 245R in order to omit the reference to the case of an applicant falling in sub-clause (iiia) of clause (b) of section 245N.
This amendment will take effect retrospectively from 1st April, 2013.
It is proposed to amend clause (iii) of proviso to sub-section (2) of section 245R in order to insert the reference to the case of an applicant falling in sub-clause (iiia) of clause (b) of section 245N in order to enable the Authority for Advance Rulings to process the application relating to determination of whether an arrangement is an impermissible avoidance arrangement or not.
This amendment will take effect from 1st April, 2015.
