Amended and updated notes on section 290 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 Indemnity.
Chapter XXIII (Sections 281 to 298) of the Income Tax Act 1961 deals with the provisions related to Miscellaneous. Section 290 of IT Act 1961 provides for Indemnity.
Recently, we have discussed in detail section 289 (Receipt to be given) of IT Act 1961. Today, we learn the provisions of section 290 of Income-tax Act 1961. The amended provision of section 290 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 290 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-290: Indemnity
Every person deducting, retaining, or paying any tax in pursuance of this Act in respect of income belonging to another person is hereby indemnified for the deduction, retention, or payment thereof.