Amendment of section 154.
37. In section 154 of the Income-tax Act, with effect from the 1st day of June, 2015,-
(i) in sub-section (1), after clause (c), the following clause shall be inserted, namely:-
“(d) amend any intimation under sub-section (1) of section 206CB.”;
(ii) in sub-section (2), in clause (b), after the words “or by the deductor”, the words “or by the collector” shall be inserted;
(iii) in sub-section (3), after the words “or the deductor” wherever they occur, the words “or the collector” shall be inserted;
(iv) in sub-section (5), after the words “or the deductor” at both the places where they occur, the words “or the collector” shall be inserted;
(v) in sub-section (6), after the words “or the deductor” at both the places where they occur, the words “or the collector” shall be inserted;
(vi) in sub-section (8), after the words “or by the deductor”, the words “or by the collector” shall be inserted.
Notes on Clauses:
Clause 37 of the Bill seeks to amend section 154 of the Income tax Act relating to rectification of mistake.
It is proposed to insert a new clause (d) in sub-section (1) of the aforesaid section so as to provide that an income-tax authority may amend an intimation issued under sub-section (1) of section 206CB.
It is further proposed to amend sub-section (2) of the aforesaid section to insert the reference of “collector” in addition to assessee or deductor, so as to enable him to file an application under the said section.
It is also proposed to amend sub-section (3) of the aforesaid section to insert the reference of “collector” in addition to assessee or deductor, so as to provide a reasonable opportunity of being heard to collector in accordance with the provision of said subsection.
It is also proposed to amend sub-section (5) of the aforesaid section to insert the reference of “collector” in addition to assessee or deductor, so as to enable issue of refund to the collector in accordance with the provisions of said sub-section.
It is also proposed to amend sub-section (6) of the aforesaid section to insert the reference of “collector” in addition to assessee or deductor, so as to enable service of notice of demand on the collector in accordance with the provisions of said sub-section.
It is also proposed to amend sub-section (8) of the aforesaid section to insert the reference of “collector” in addition to assessee or deductor so as to provide that where an application for amendment under the aforesaid section is filed by the collector, the income-tax authority shall pass an order within the time specified therein.
These amendments will take effect from 1st June, 2015.
