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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 54 - Amendment of section 245A. - FINANCE BILL, 2021

FINANCE BILL, 2021
Chapter III
DIRECT TAXES - Income-tax
  • Contents

Amendment of section 245A.

54. In section 245A of the Income-tax Act, with effect from the 1st day of February, 2021,––

(i) after clause (d), the following clause shall be inserted and shall be deemed to have been inserted, namely:––

‘(da) “Interim Board” means the Interim Board for Settlement constituted under section 245AA;’;

(ii) after the clause (e), the following clauses shall be inserted and shall be deemed to have been inserted, namely:––

‘(ea) “Member of the Interim Board” means a Member of the Interim Board;

(eb) “pending application” means an application which was filed under section 245C and which fulfils the following conditions, namely: -

(i) it was not declared invalid under sub-section (2C) of section 245D; and

(ii) no order under sub-section (4) of section 245D was issued on or before the 31st day of January, 2021 with respect to such application;’.

 



 

Notes on Clauses:

Clause 54 of the Bill seeks to amend the Chapter XIX-A of the Income-tax Act relating to settlement of cases by the Income-tax Settlement Commission (ITSC).

It is proposed to amend section 245A of the said Act to define various expressions such as “Interim Board” shall mean Interim Board for settlement constituted under section 245AA, “Member of the Interim Board” shall mean a Member of the Interim Board and “Pending Application” shall mean an application which was filed under section 245C and which was not declared invalid under sub-section (2C) of section 245D and no order under sub-section (4) of section 245D was issued on or before the 31st day of January, 2021 with respect to such application for the purposes of this Chapter.

This amendment will take effect retrospectively from lst February, 2021.

 
 
 
 
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