Clause 10 - Amendment of section 12AA. - FINANCE BILL, 2017

Amendment of section 12AA.

10. In section 12AA of the Income-tax Act, with effect from the 1st day of April, 2018,-

(a) in sub-section (1), after the word, brackets and letters “clause (aa)”, the words, brackets and letters “or clause (ab)” shall be inserted;

(b) in sub-section (2), after the word, brackets and letters “clause (aa)”, the words, brackets and letters “or clause (ab)” shall be inserted.

 

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Notes on Clauses:

Clause 10 of the Bill seeks to amend section 12AA of the Income-tax Act relating to procedure for registration.

It is proposed to amend sub-sections (1) and (2) of the said section so as to give reference of newly inserted clause (ab) in section 12A .

The proposed amendment is consequential in nature.

This amendment will take effect from 1st April, 2018 and will, accordingly, apply in relation to assessment year 2018- 2019 and subsequent years.