Amended and updated notes on section 245-OA of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Qualifications, terms and conditions of service of Chairman, Vice-Chairman and Member.
Chapter XIXB (Sections 245N to 245V) of the Income Tax Act 1961 deals with the provisions related to Advance rulings . Section 245-OA of IT Act 1961 provides for Qualifications, terms and conditions of service of Chairman, Vice-Chairman and Member.
Recently, we have discussed in detail section 245-O (Authority for Advance Rulings) of IT Act 1961. Today, we learn the provisions of section 245-OA of Income-tax Act 1961. The amended provision of section 245-OA is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 245-OA of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-245-OA: Qualifications, terms and conditions of service of Chairman, Vice-Chairman and Member
Notwithstanding anything contained in this Act, the qualifications, appointment, term of office, salaries and allowances, resignation, removal and the other terms and conditions of service of the Chairman, Vice-Chairman and other Members of the Authority appointed after the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall be governed by the provisions of section 184 of that Act:
Provided that the Chairman, Vice-Chairman and Member appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017, shall continue to be governed by the provisions of this Act and the rules made thereunder as if the provisions of section 184 of the Finance Act, 2017 had not come into force.