Amendment of section 295.

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..... t; ; (b ) after sub-clause (iia ) as so inserted, the following sub-clause shall be inserted with effect from the 1st day of April, 2022, namely: (iib ) transactions or activities of a non-resident; . - Clause 103 of the Bill seeks to amend section 295 of the Income-tax Act relating to power to make rules. Sub-section (1) of said section provides that the Central Board of Direct Taxes may, subject .....

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..... ke effect from the 1st day of April, 2021 and will, accordingly, apply in relation to the assessment year 2021-22 and subsequent assessment years. It is further proposed to amend said clause (b) by way of insertion of sub-clause (iib) so as to provide that the rules made by the Board may provide, to be the manner in which and the procedure by which the income shall be arrived in case of transactio .....

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