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Home Acts & Rules Bill Bills FINANCE BILL, 2017 Chapters List Chapter III DIRECT TAXES - Income-tax This
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Clause 78 - Amendment of section 245A. - FINANCE BILL, 2017

FINANCE BILL, 2017
Chapter III
DIRECT TAXES - Income-tax
  • Contents

Amendment of section 245A.

78. In section 245A of the Income-tax Act, in clause (b), in the Explanation, in clause (iv), for the words “two years from the end of the relevant assessment year”, the words, brackets and figures “the time specified for making assessment under sub-section (1) of section 153” shall be substituted.

 



 

Notes on Clauses:

Clause 78 of the Bill seeks to amend section 245A of the Income-tax Act relating to definitions for the purposes of Chapter XIX-A relating to settlement of cases.

Clause (b) of the said section provides definition of "case". Clause (iv) of the Explanation to the said clause (b) provides that unless as otherwise specified, in case where no assessment is made, proceedings shall be deemed to have concluded on the expiry of two years from the end of the relevant assessment year.

It is proposed to amend the said clause (iv) to the Explanation so as to provide that conclusion of proceedings shall be construed in accordance with the time specified for making assessment under sub-section (1) of section 153.

The proposed amendment is consequential to the amendment to section 153 and section 153B of the Incometax Act.

This amendment will take effect from 1st April, 2017.

 
 
 
 
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