Amended and updated notes on section 245J 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 Recovery of sums due under order of settlement.
Chapter XIXA (Sections 245A to 245L) of the Income Tax Act 1961 deals with the provisions related to settlement of cases. Section 245J of IT Act 1961 provides for Recovery of sums due under order of settlement.
Recently, we have discussed in detail section 245-I (Order of settlement to be conclusive) of IT Act 1961. Today, we learn the provisions of section 245J of Income-tax Act 1961. The amended provision of section 245J 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 245J 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-245J: Recovery of sums due under order of settlement
Any sum specified in an order of settlement passed under sub-section (4) of section 245D may, subject to such conditions, if any, as may be specified therein, be recovered, and any penalty for default in making payment of such sum may be imposed and recovered in accordance with the provisions of Chapter XVII, by the Assessing Officer having jurisdiction over the person who made the application for settlement under section 245C.