Amended and updated notes on section 245V 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 Procedure of Authority.
Chapter XIXB (Sections 245N to 245V) of the Income Tax Act 1961 deals with the provisions related to Advance rulings . Section 245V of IT Act 1961 provides for Procedure of Authority.
Recently, we have discussed in detail section 245U (Powers of the Authority) of IT Act 1961. Today, we learn the provisions of section 245V of Income-tax Act 1961. The amended provision of section 245V 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 245V 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-245V: Procedure of Authority
The Authority shall, subject to the provisions of this Chapter, have power to regulate its own procedure in all matters arising out of the exercise of its powers under this Act.
Provided that nothing contained in this section shall apply on or after such date as the Central Government may, by notification in the Official Gazette, appoint.
[Proviso of section 245V newly inserted w.e.f. 1-April-2021 by the Finance Act 2021]
[The Central Government appoints 1st day of September, 2021 as the date for the purposes of the proviso to section 245V vide Notification No. 97/2021, S.O. 3562(E) dated 01.09.2021]