Amendment of section 245D

In force As on 07 Oct 2026

Ministry Finance Cited by 1 provision

Section 68 of the Finance Act, 2021 deals with amendment of section 245D. Amendment of section 245D. 68. In section 245D of the Income-tax Act, with effect from the 1st day of February, 2021,— (i) | in sub-section (2C), after the second proviso, the following proviso shall be inserted and shall be deemed to have been inserted, namely:— "Provided also that where in respect

Amendment of section 245D.
68. In section 245D of the Income-tax Act, with effect from the 1st day of February, 2021,—
(i) in sub-section (2C), after the second proviso, the following proviso shall be inserted and shall be deemed to have been inserted, namely:—
"Provided also that where in respect of an application, an order, which was required to be passed under this sub-section on or before the 31st day of January, 2021, has not been passed on or before the 31st day of January, 2021, such application shall deemed to be valid.";
(ii) in sub-section (6B), for the words "amend any order passed by it", the words "amend any order passed" shall be substituted and shall be deemed to have been substituted;
(iii) after sub-section (8), the following sub-sections shall be inserted and shall be deemed to have been inserted, namely:—
'(9) On and from the 1st day of February, 2021, the provisions of sub-sections (1), (2), (2B), (2C), (3), (4), (4A), (5), (6) and (6B) shall apply to pending applications allotted to Interim Board with the following modifications, namely:—
(i) for the words "Settlement Commission", wherever they occur, the words "Interim Board" shall be substituted;
(ii) for the word "Bench", the words "Interim Board" shall be substituted;
(iii) for the purposes of this section, the date referred to in sub-section (2) of section 245M shall be deemed to be date on which the application was made under section 245C and received by the Interim Board;
(iv) where the time-limit for amending any order or filing of rectification application as per sub-section (6B) expires on or after the 1st day of February, 2021, in computing the period of limitation, the period commencing from the 1st February, 2021 and ending on the end of the month in which the Interim Board is constituted shall be excluded and where immediately after exclusion of such period, the remaining period available to the Interim Board for amending the order or to the Principal Commissioner or Commissioner or the applicant for filing of application is less than sixty days, such remaining period shall be extended to sixty days and the period of limitation shall be deemed to have been extended accordingly.
(10) On and from the 1st day of February, 2021, the provisions of sub-sections (6A) and (7) shall have effect as if for the words "Settlement Commission", the words "Settlement Commission or Interim Board of Settlement" had been substituted.
(11) The Central Government may by notification in the Official Gazette, make a scheme, for the purposes of settlement in respect of pending applications by the Interim Board, so as to impart greater efficiency, transparency and accountability by—
(a) eliminating the interface between the Interim Board and the assessee in the course of proceedings to the extent technologically feasible;
(b) optimising utilisation of the resources through economies of scale and functional specialisation;
(c) introducing a mechanism with dynamic jurisdiction.
(12) The Central Government may, for the purposes of giving effect to the scheme made under sub-section (11), by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in the said notification:
Provided that no such direction shall be issued after the 31st day of March, 2023.
(13) Every notification issued under sub-section (11) and sub-section (12) shall, as soon as may be after the notification is issued, be laid before each House of Parliament.'.
Section 68, The Finance Act, 2021.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Income-tax Act s. 245D Procedure on receipt of an application under section 245C

Referred to by 1

s. 158 Amendment of section 68

Questions about Section 68

What does Section 68 of the Finance Act deal with?

Section 68 of the Finance Act is headed "Amendment of section 245D". Amendment of section 245D. 68. In section 245D of the Income-tax Act, with effect from the 1st day of February, 2021,— (i) | in sub-section (2C), after the second proviso, the following proviso shall be inserted and shall be deemed to have been inserted, namely:— "Provided also that where in respect

How do I find court cases under Section 68 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 68, section 68 Finance Act 2021, section 68 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 68 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 245D (Procedure on receipt of an application under section 245C), so none of them can safely be read on its own. 1 other provision in this corpus refers 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

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.

(i)		in sub-section (2C), after the second proviso, the following proviso shall be inserted and shall be deemed to have been inserted, namely:—
		"Provided also that where in respect of an application, an order, which was required to be passed under this sub-section on or before the 31st day of January, 2021, has not been passed on or before the 31st day of January, 2021, such application shall deemed to be valid.";
(ii)		in sub-section (6B), for the words "amend any order passed by it", the words "amend any order passed" shall be substituted and shall be deemed to have been substituted;
(iii)		after sub-section (8), the following sub-sections shall be inserted and shall be deemed to have been inserted, namely:—
		'(9) On and from the 1st day of February, 2021, the provisions of sub-sections (1), (2), (2B), (2C), (3), (4), (4A), (5), (6) and (6B) shall apply to pending applications allotted to Interim Board with the following modifications, namely:—

(i)		for the words "Settlement Commission", wherever they occur, the words "Interim Board" shall be substituted;
(ii)		for the word "Bench", the words "Interim Board" shall be substituted;
(iii)		for the purposes of this section, the date referred to in sub-section (2) of section 245M shall be deemed to be date on which the application was made under section 245C and received by the Interim Board;
(iv)		where the time-limit for amending any order or filing of rectification application as per sub-section (6B) expires on or after the 1st day of February, 2021, in computing the period of limitation, the period commencing from the 1st February, 2021 and ending on the end of the month in which the Interim Board is constituted shall be excluded and where immediately after exclusion of such period, the remaining period available to the Interim Board for amending the order or to the Principal Commissioner or Commissioner or the applicant for filing of application is less than sixty days, such remaining period shall be extended to sixty days and the period of limitation shall be deemed to have been extended accordingly.

		(10) On and from the 1st day of February, 2021, the provisions of sub-sections (6A) and (7) shall have effect as if for the words "Settlement Commission", the words "Settlement Commission or Interim Board of Settlement" had been substituted.
		(11) The Central Government may by notification in the Official Gazette, make a scheme, for the purposes of settlement in respect of pending applications by the Interim Board, so as to impart greater efficiency, transparency and accountability by—

(a)		eliminating the interface between the Interim Board and the assessee in the course of proceedings to the extent technologically feasible;
(b)		optimising utilisation of the resources through economies of scale and functional specialisation;
(c)		introducing a mechanism with dynamic jurisdiction.

		(12) The Central Government may, for the purposes of giving effect to the scheme made under sub-section (11), by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in the said notification:
		Provided that no such direction shall be issued after the 31st day of March, 2023.
		(13) Every notification issued under sub-section (11) and sub-section (12) shall, as soon as may be after the notification is issued, be laid before each House of Parliament.'.