Amendment of section 245N.
79. In section 245N of the Income-tax Act, for clause (b), the following clause shall be substituted, namely:-
‘(b) “applicant” means-
(A) any person who-
(I) is a non-resident referred to in sub-clause (i) of clause (a); or
(II) is a resident referred to in sub-clause (ii) of clause (a); or
(III) is a resident referred to in sub-clause (iia) of clause (a) falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify; or
(IV) is a resident falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify in this behalf; or
(V) is referred to in sub-clause (iv) of clause (a), and makes an application under sub-section (1) of section 245Q;
(B) an applicant as defined in clause (c) of section 28E of the Customs Act, 1962 (52 of 1962);
(C) an applicant as defined in clause (c) of section 23A of the Central Excise Act, 1944 (1 of 1944);
(D) an applicant as defined in clause (b) of section 96A of the Finance Act, 1994 (32 of 1994);’.
Notes on Clauses:
Clause 79 of the Bill seeks to amend section 245N of the Income-tax Act relating to the definitions under Chapter XIXB relating to advance rulings.
Clause (b) of the said section provides the definition of the term "applicant".
It is proposed to amend the said clause so as to include within the scope of the definition of "applicant" an applicant as in section 28E of the Customs Act, 1962, section 23A of the Central Excise Act, 1944 and section 96A of the Finance Act, 1994.
This amendment will take effect from 1st April, 2017.
