Amendment of section 133C.
54. In section 133C of the Income-tax Act, after sub-section (2) and before the Explanation, the following sub-section shall be inserted, namely:––
“(3) The Board may make a scheme for centralised issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer.”.
Notes on Clauses:
Clause 54 of the Bill seeks to amend section 133C of the Income-tax Act relating to power to call for information by prescribed income-tax authority.
Sub-section (1) of the said section provides that a prescribed income-tax authority may issue a notice to any person, requiring him to submit information or documents for the purposes of verification of the information in the possession of such income-tax authority.
Sub-section (2) of the said section provides that the prescribed income-tax authority may process any information or document that has been received in response to a notice issued under sub-section (1) and provide the outcome of such processing to the Assessing Officer.
It is proposed to insert a new sub-section (3) in the said section so as to provide that the Central Board of Direct Taxes may make a scheme for enabling the centralised issuance of notice, processing of information or documents and for making available the outcome of the said processing to the Assessing Officer.
This amendment will take effect from 1st April, 2017.