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Home Acts & Rules Bill Bills FINANCE BILL, 2021 Chapters List Chapter III DIRECT TAXES - Income-tax This
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Clause 33 - Amendment of section 142. - FINANCE BILL, 2021

Chapter III
DIRECT TAXES - Income-tax
  • Contents

Amendment of section 142.

33. In section 142 of the Income-tax Act, in sub-section (1), in clause (i), after the existing proviso, the following proviso shall be inserted, namely:––

“Provided further that a notice under this sub-section for the purposes of this clause may also be served by the prescribed income-tax authority,”.



Notes on Clauses:

Clause 33 of the Bill seeks to amend section 142 of the Income-tax Act relating to inquiry before assessment.

Clause (i) of sub-section (1) of the said section empowers only the Assessing Officer to serve notice to an assessee requiring him to file return of income.

It is proposed to insert a second proviso in the said clause so as to empower the prescribed income-tax authority also to serve notice under clause (i) of sub-section (1) of the said section for the purposes of that clause.

This amendment will take effect from lst day of April, 2021.

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