Provision related to Income Tax Authority of Advance Ruling to be applicable from Sept. 2021: CBDT [Read Notification]

The Central Board of Direct Tax (CBDT) provision related to the Income Tax Authority of Advance Ruling to be applicable from 1 September 2021.

“In exercise of the powers conferred by the second proviso to sub-section (1) of section 245-O, sub-section (2) of section 245P, sub-section (4) of section 245Q, sub-section (8) of section 245R, sub-section (3) of section 245S, sub-section (3) of section 245T, sub-section (3) of section 245U and the proviso to section 245V of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby appoints 1st day of September, 2021 as the date for the purposes of said provisos and said sub-sections of the said Act,” the CBDT notified.

The Section 245-O, 245P, 245Q, 245R, 245RR, 245S, 245T, 245U, 245V pertains to Authority for advance rulings, Vacancies, etc., not to invalidate proceedings, Application for advance ruling, Procedure on receipt of application, Appellate authority not to proceed in certain cases, Applicability of advance ruling, Advance ruling to be void in certain circumstances, Powers of the Authority, and Procedure of Authority, respectively.

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