Amended and updated notes on section 296 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 Rules and certain notifications to be placed before Parliament.
Chapter XXIII (Sections 281 to 298) of the Income Tax Act 1961 deals with the provisions related to Miscellaneous. Section 296 of IT Act 1961 provides for Rules and certain notifications to be placed before Parliament.
Recently, we have discussed in detail section 295 (Power to make rules) of IT Act 1961. Today, we learn the provisions of section 296 of Income-tax Act 1961. The amended provision of section 296 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 296 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-296: Rules and certain notifications to be placed before Parliament
The Central Government shall cause every rule made under this Act, the rules of procedure framed by the Settlement Commission under sub-section (7) of section 245F, the Authority for Advance Rulings under section 245V and the Appellate Tribunal under sub-section (5) of section 255 and every notification issued before the 1st day of June, 2007 under sub-clause (iv) of clause (23C) of section 10 and every notification issued under sub-section (1C) of section 139 or third proviso to sub-section (1) of section 153A or second proviso to sub-section (1) of section 153C to be laid as soon as may be after the rule is made or the notification is issued before each House of Parliament while it is in session, for a total period of thirty days, which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or notification or both Houses agree that the rule or notification should not be made or issued, that rule or notification shall thereafter have effect, only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or notification.