Amendment of section 295.
78. In section 295 of the Income-tax Act, in sub-section (2), after clause (h), the following clause shall be inserted with effect from the 1st day of June, 2015, namely:-
“(ha) the procedure for the granting of relief or deduction, as the case may be, of any income-tax paid in any country or specified territory outside India, under section 90 or section 90A or section 91, against the income-tax payable under this Act;”.
Notes on Clauses:
Clause 78 of the Bill seeks to amend section 295 of the Income tax Act relating to power to make rules.
The existing provisions contained in sub-section (1) of the aforesaid section provide that the Board may make rules for the whole or any part of India for carrying out the purposes of this Act. Sub-section (2) of the said section specifies the matters in respect of which such rules may be provided.
It is proposed to amend the said sub-section (2) so as to provide that the Board may, by rules, provide the procedures for the granting of relief or deduction, as the case may be, of any income tax paid in any country or specified territory outside India, under section 90 or section 90A or section 91, against the income-tax payable under this Act.
This amendment will take effect from 1st June, 2015.
