Amendment of section 153B
Section 48 of the Finance Act, 2021 deals with amendment of section 153B. Amendment of section 153B. 48. In section 153B of the Income-tax Act, in the Explanation,— (a) | in clause (vi), for the words "Authority for Advance Rulings", the words "Authority for Advance Rulings or before the Board for Advance Rulings" shall be substituted;
Amendment of section 153B.
48. In section 153B of the Income-tax Act, in the Explanation,—
Section 48, The Finance Act, 2021.
(a) in clause (vi), for the words "Authority for Advance Rulings", the words "Authority for Advance Rulings or before the Board for Advance Rulings" shall be substituted; (b) in clause (vii), for the words "Authority for Advance Rulings", the words "Authority for Advance Rulings or before the Board for Advance Rulings" shall be substituted; (c) after the third proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of February, 2021, namely:— "Provided also that where the assessee exercises the option to withdraw the application under sub-section (1) of section 245M, the period of limitation available under this section to the Assessing Officer for making an order of assessment or reassessment, as the case may be, shall, after the exclusion of the period under sub-section (5) of the said section, be not less than one year; and where such period of limitation is less than one year, it shall be deemed to have been extended to one year.".
Cross-references
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Questions about Section 48
What does Section 48 of the Finance Act deal with?
Section 48 of the Finance Act is headed "Amendment of section 153B". Amendment of section 153B. 48. In section 153B of the Income-tax Act, in the Explanation,— (a) | in clause (vi), for the words "Authority for Advance Rulings", the words "Authority for Advance Rulings or before the Board for Advance Rulings" shall be substituted;
How do I find court cases under Section 48 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2021 48, section 48 Finance Act 2021, section 48 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 48 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 153B (Time limit for completion of assessment under section 153A), so none of them can safely be read on its own. 3 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2021. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- Fourth Schedule. Fourth Schedule26628 words
- First Schedule. First Schedule9574 words
- 2. Income-tax5993 words
- 6. Amendment of section 103582 words
- 130. Substitution of new section for section 43513 words
- 131. Substitution of new section for section 52699 words
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