CBDT issued a Notification No. 97/2021 in S.O. 3562(E) dated 01.09.2021 to notify the appointed date to give effect to the amendments made by the Finance Act, 2021 to the Chapter XIX-B of the Income-tax Act, 1961.
The said notification is issued to notify the date of 1st September 2021 from when the said amendments will come into effect. These amendments are related to erstwhile Authority for Advance Rulings (AAR) subsequent to the constitution of the Board for Advance Rulings.
CBDT vide Notification No. 96/2021 dated 01.09.2021 notified the constitution of the Board for Advance Rulings. Thus, from 1st September 2021, the Board for Advance Rulings (BAR) shall operate in place of the existing AAR.
Finance Act, 2021 has replaced Authority for Advance Rulings with a Board for Advance Rulings. It also provides a right to appeal against the order of such Board to the High Court.
Read the article on Board for Advance Rulings to replace Authority for Advance Rulings (AAR) here.
The Notification No. 97/2021 dated 01.09.2021 has notified the following provisions to be applicable from 1st September 2021-
Read the full text of Notification No. 97/2021 dated 1.9.2021 on Appointed Date for Advance Rulings Authority and Board for Advance Rulings
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 1st September, 2021
S.O. 3562(E).—In exercise of the powers conferred by the second proviso to sub-section (1) of section 245-O, sub-section (2) of section 245P, sub-section (4) of section 245Q, sub-section (8) of section 245R, sub-section (3) of section 245S, sub-section (3) of section 245T, sub-section (3) of section 245U and the proviso to section 245V of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby appoints 1st day of September, 2021 as the date for the purposes of said provisos and said sub-sections of the said Act.
[Notification No. 97 /2021/F.No. 370142/31/2021-TPL (Part II)]
SHEFALI SINGH, Under Secy.
Download CBDT Notification No. 97/2021 dated 1.9.2021 on Appointed Date for Advance Rulings Authority and Board for Advance Rulings in pdf format
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