Section 245AA of Income Tax Act for AY 2023-24

Section 245AA of Income Tax Act 1961 as inserted by the Finance Act 2022 and Income-tax Rules, 1962. Interim Boards for Settlement

Amended and updated notes on section 245AA of Income Tax Act 1961 as inserted by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Interim Boards for Settlement.

Chapter XIXA (Sections 245A to 245L) of the Income Tax Act 1961 deals with the provisions related to settlement of cases. Section 245AA of IT Act 1961 provides for Interim Boards for Settlement.

Recently, we have discussed in detail section 245A (Definitions) of IT Act 1961. Today, we learn the provisions of section 245AA of Income-tax Act 1961. The amended provision of section 245AA 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 245AA of the Income Tax Act, 1961-2021 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.

Section-245AA: Interim Boards for Settlement

Section 245AA(1) of Income Tax Act

The Central Government shall constitute one or more Interim Boards for Settlement, as may be necessary, for the settlement of pending applications.

Section 245AA(2) of Income Tax Act

Every Interim Board shall consist of three members, each being an officer of the rank of Chief Commissioner, as may be nominated by the Board.

Section 245AA(3) of Income Tax Act

If the Members of the Interim Board differ in opinion on any point, the point shall be decided according to the opinion of the majority


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