Amendment of section 245V.
76. In section 245V of the Income-tax Act, the following proviso shall be inserted, namely:-
“Provided that nothing contained in this section shall apply on or after such date as the Central Government may, by notification in the Official Gazette, appoint.”.
Notes on Clauses:
Clause 76 of the Bill seeks to amend section 245V of the Income-tax Act relating to procedure of Authority.
It is proposed to insert a proviso to the said section so as to provide that nothing contained in that section shall apply on or after the notified date.
This amendment will take effect from 1st April, 2021.
