Amendment of Section 295
49. In section 295 of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2016,––
(i) clause (ee) shall be renumbered as clause (e) and after clause (e) as so renumbered, the following clause shall be inserted, namely:—
“(ee) the matters specified in Chapter X-A;”;
(ii) after clause (eec), the following clause shall be inserted, namely:—
“(eed) remuneration of Chairperson and members of the Approving Panel under sub-section (18) and procedure and manner for constitution of, functioning and disposal of references by, the Approving Panel under sub-section (21) of section 144BA;”.
Notes on Clauses:
Clause 49 of the Bill seeks to amend section 295 of the Income67 tax Act relating to power to make rules.
The existing provisions of section 295 provide that Board may, subject to the control of the Central Government, by notification in the Gazette of India, may make rules for carrying out the purposes of the Act. Sub-section (2) of the said section lists out the matters in respect of which the rules may be made.
It is proposed to insert a new clause (ee) after renumbering the existing clause (ee) as (e) to provide that the rules may be made with regard to the matters specified in Chapter X-A.
It is further proposed to insert clause (eed) to provide that the rules may also be made to provide for remuneration of the Chairperson and members of the Approving Panel under subsection (18) and procedure and manner for constitution of, functioning and disposal of references by the Approving Panel under sub-section (21) of section 144BA.
These amendments will take effect from 1st April, 2016.
