Amendment of section 245S.
73. In section 245S of the Income-tax Act, after subsection (2), the following sub-section shall be inserted, namely:-
“(3) Nothing contained in this section shall apply to any advance ruling pronounced under section 245R on or after such date as the Central Government may, by notification in the Official Gazette, appoint.”.
Notes on Clauses:
Clause 73 of the Bill seeks to amend section 245S of the Income-tax Act relating to applicability of advance ruling.
It is proposed to amend the said section to insert sub-section (3) so as to provide that nothing contained in this section shall apply to any advance ruling pronounced under section 245R on or after on such date as may be appointed by the Central Government by notification in the Official Gazette.
This amendment will take effect from 1st April, 2021.
