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Home Acts & Rules Bill Bills FINANCE BILL, 2020 Chapters List Chapter III DIRECT TAXES - Income-tax This
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Clause 45 - Amendment of section 92F. - FINANCE BILL, 2020

FINANCE BILL, 2020
Chapter III
DIRECT TAXES - Income-tax
  • Contents
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Amendment of section 92F.

45. In section 92F of the Income-tax Act, for clause (iv), the following clause shall be substituted, namely:––

(iv) “specified date” means the date one month prior to the due date for furnishing the return of income under sub-section (1) of section 139 for the relevant assessment year;’.

 



 

Notes on Clauses:

Clause 45 of the Bill seeks to amend section 92F of the Income-tax Act relating to definitions of certain terms relevant to computation of arm's length price, etc.

Clause (iv) of the said section provides the definition of specified date. It provides that specified date shall have the same meaning as assigned to “due date” in Explanation 2 below sub-section (1) of section 139.

It is proposed to substitute the said clause (iv) so as to provide that “specified date” shall mean one month prior to the due date for furnishing the return of income under subsection (1) of section 139 for the relevant assessment year.

This amendment will take effect from 1st April, 2020 and will, accordingly, apply in relation to the assessment year 2020-2021 and subsequent assessment years.

 
 
 
 
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