Clause 20 - Amendment of Income tax Act, 1961 - Authority For Advance Rulings On Central Taxes Bill, 2007

Amendment of Income tax Act, 1961. 20. In the Income-tax Act, 1961,— (a) in section 153, in sub-section ( 3), in Explanation I, for the words ''Authority for Advance Rulings'', at both the places where they occur, the words ''Authority for Advance Rulings on Central Taxes'' shall be substituted; (b) in section 153B, in sub-section (1), in Explanation, for the words ''Authority for Advance Rulings'', at both the places where they occur, the words ''Authority for Advance Rulings on Central Taxes'' shall be substituted; (c) in section 245N,— (i) for clause (d), the following clause shall be substituted, namely:— '(d) ''Authority'' means the Authority constituted under section 3 of the Authority for Advance Rulings on Central Taxes Act, 2007;'; (ii) clauses (e) and (f) shall be omitted; (d) sections 245-O, 245P, 245U and 245V shall be omitted.