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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 81 - Amendment of section 245Q. - FINANCE BILL, 2017

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

Amendment of section 245Q.

81. In section 245Q of the Income-tax Act, in sub-section (1), after the words “advance ruling under this Chapter”, the words, figures and letters “or under Chapter V of the Customs Act, 1962 (52 of 1962) or under Chapter IIIA of the Central Excise Act, 1944 (1 of 1944)or under Chapter VA of the Finance Act, 1994 (32 of 1994) ” shall be inserted.

 



 

Notes on Clauses:

Clause 81 of the Bill seeks to amend section 245Q of the Income-tax Act relating to the application for advance ruling.

Sub-section (1) of the aforesaid section provides that an applicant desirous of obtaining an advance ruling under Chapter XIX-B of the Income-tax Act may make an application in such form and in such manner as may be prescribed.

It is proposed to amend the said section so as to provide that an application for advance ruling may also be made under Chapter V of the Customs Act, 1962 or under Chapter IIIA of the Central Excise Act, 1944 or under Chapter VA of the Finance Act, 1994.

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

 
 
 
 
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