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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2023 Chapters List Chapter III DIRECT TAXES - Income-tax This

Clause 116 - Amendment of section 274. - FINANCE BILL, 2023

FINANCE BILL, 2023
Chapter III
DIRECT TAXES - Income-tax
  • Contents

Amendment of section 274.

116. In section 274 of the Income-tax Act, in sub-section (2B), after the proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2022, namely:––

“Provided further that the Central Government may amend any direction, issued under this sub-section on or before the 31st day of March, 2022, by notification in the Official Gazette.”.

 



 

Notes on Clauses:

Clause 116 of the Bill seeks to amend the section 274 of the Income-tax Act relating to procedure.

It is proposed to insert a second proviso in sub-section (2B) of the said section so as to provide that the Central Government may amend any direction issued under sub-section (2B) of that section on or before 31st March, 2022, by notification in the Official Gazette.

This amendment will take effect retrospectively from 1st April, 2022.

 
 
 
 

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