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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 71 - Amendment of section 245Q. - FINANCE BILL, 2021

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

Amendment of section 245Q.

71. In section 245Q of the Income-tax Act,-

(a) in sub-section (1), the words, figures and letters “or under Chapter IIIA of the Central Excise Act, 1944 (1 of 1944) or under Chapter VA of the Finance Act, 1994 (32 of 1994)” shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint;

(b) after sub-section (3), the following sub-section shall be inserted, namely:-

“(4) Where an application is made under this section before such date as the Central Government may, by notification in the Official Gazette appoint, and in respect of which no order under sub-section (2) of section 245R has been passed or advance ruling under sub-section (4) of section 245R has been pronounced before such date, such application along with all the relevant records, documents or material, by whatever name called, on the file of the Authority shall be transferred to the Board for Advance Rulings and shall be deemed to be the records before the Board for Advance Rulings for all purposes.”.

 



 

Notes on Clauses:

Clause 71 of the Bill seeks to amend section 245Q of the Income-tax Act relating to application for advance ruling.

It is proposed to amend sub-section (1) of said section so as to omit the portion “or under Chapter IIIA of the Central Excise Act, 1944 under Chapter VA of the Finance Act, 1994” with effect from such date as may be appointed by the Central Government by notification in the Official Gazette.

It is further proposed to insert sub-section (4) so as to provide where an application was made under the said section before the notified date but in respect of which no order under sub-section (2) of section 245R has been passed or advance ruling under sub-section (4) of section 245R has been pronounced before such date, such application along with all the relevant records, documents or material, by whatever name called, on the file of the Authority shall be transferred to the Board for Advance Rulings and shall be deemed to be the records before it for all purposes.

This amendment will take effect from 1st April, 2021.

 
 
 
 
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