Settlement Commission (Income-tax and Wealth-tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairmen and Members) Amendment Rules, 2021 - G.S.R. 245 (E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 31st March, 2021 G.S.R. 245 (E). -In exercise of the powers conferred by the proviso to article 309 of the Constitution , the President hereby makes the following rules to amend the Settlement Commission (Income-tax and Wealth-tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairmen and Members) Rules, 2015 namely: - 1. Short title and commencement - (1) These rules may be called the Settlement Commission (Income-tax and Wealth-tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairmen and Members) Amendment Rules, 2021. (2) They shall be deemed to have come into force on the 1st February, 2021. 2. In the Settlement Commission (Income-tax and Wealth-tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairmen and Members) Rules, 2015 , in rule 7 , after second proviso and before Note, the following Proviso shall be inserted namely: - Provided also that any person appointed as Chairman, Vice-Chairman or Member holding office as such immediately before the date to be notified by the Central Government in this behalf, shall on and from such date, cease to hold such office, and they shall be entitled to claim compensation not exceeding three months' pay and allowances for the premature termination of term of their office . [F. No. Q-21013/1/2021-AAR] ARVIND SARAN, Director Note: The Principal Rules were published in Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) dated 30th March, 2015 vide G.S.R. 235(E), dated 27.03.2015 . Explanatory Memorandum: The Settlement Commission (Income-tax and Wealth-tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairmen and Members) Amendment Rules, 2021 is being given retrospective effect from the 1st February, 2021 in pursuance of clause 56 of Finance Bill, 2021 proposing to insert a proviso under section 245B of the Income-tax Act, 1961 to the effect that Settlement Commission shall cease to operate on or after the 1st day of February, 2021. Therefore, it is certified that no person s interest will be adversely affected by this notification.