Amendment of section 245U.
75. In section 245U of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted, namely:-
“(3) On and from such date as the Central Government may, by notification in the Official Gazette, appoint, the powers of the Authority under this section shall be exercised by the Board for Advance Rulings and the provisions of this section shall mutatis mutandis apply to the Board for Advance Rulings as they apply to the Authority.”.
Notes on Clauses:
Clause 75 of the Bill seeks to amend section 245U of the Income-tax Act relating to powers of Authority.
It is 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 powers of the Authority under this section shall be exercised by the Board for Advance Rulings and the provisions of this section shall apply mutatis mutandis to the Board for Advance Rulings as they apply to the Authority.
This amendment will take effect from 1st April, 2021.
