49. Amendment of section 245Q.
In section 245Q of the Income-tax Act, in sub-section (1), the words, letter and figures “or under Chapter V of the Customs Act, 1962” shall be omitted with effect from the date of appointment of the Customs Authority for Advance Rulings under section 28EA of the Customs Act, 1962 (52 of 1962).
Notes on Clauses:
Clause 49 of the Bill seeks to amend section 245Q of the Incometax Act relating to application for advance ruling.
The said section provides for filing of application for advance ruling under this Act or 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.
It is proposed to amend the said section so as to omit the provisions with regard to admissibility of applications for advance ruling under Chapter V of the Customs Act, 1962. This amendment is consequential in nature.
This amendment will take effect from 1st April, 2018.