Amendment of section 245N.
67. In section 245N of the Income-tax Act,––
(i) in clause (b), sub-clauses (B), (C) and (D) shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint;
(ii) in clause (c), after the word “Authority”, the words “or the Board for Advance Rulings” shall be inserted;
(iii) after clause (c), the following clause shall be inserted, namely:-
‘(ca) “Board for Advance Rulings” means the Board for Advance Rulings constituted by the Central Government under section 245-OB;’;
(iv) in clause (f), after the word “Vice-Chairman”, the words “or a Member of the Board for Advance Rulings” shall be inserted.
Notes on Clauses:
Clause 67 of the Bill seeks to amend section 245N of the Income-tax Act relating to definitions.
It is proposed to omit sub-clauses (B), (C) and (D) of said section with effect from such date as may be appointed by the Central Government by notification in the Official Gazette.
It is further proposed to amend clause (c) of said section so as to insert the words “or the Board for Advance Rulings”. It is also proposed to insert clause (ca) to said section so as to provide definitions of Board for Advance Rulings and members of the Board for Advance Rulings.
This amendment will take effect from 1st April, 2021.
