Amendment of section 245T.
74. In section 245T of the Income-tax Act,-
(a) in sub-section (1), the words “by it” shall be omitted;
(b) after sub-section (2), the following sub-section shall be inserted, namely:-
(3) With effect from such date as the Central Government may, by notification in the Official Gazette, appoint, the provisions of this section shall have effect as if for the word “Authority”, the words “Board for Advance Rulings” had been substituted.’.
Notes on Clauses:
Clause 74 of the Bill seeks to amend section 245T of the Income-tax Act relating to advanced ruling to be void in certain circumstances.
It is proposed to amend the said section so as to provide that the reference in sub290 section (1) to advance ruling pronounced by the Authority shall be omitted by omitting the words “by it”. It is also proposed to insert sub-section (3) to the said section so as to provide that on and from such date as may be appointed by the Central Government by notification in the Official Gazette the provisions of that section shall have effect as if for the word “Authority”, the words “Board for Advance Rulings” had been substituted.
These amendments will take effect from 1st April, 2021.
