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47. Amendment of section 115WE
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In section 115WE of the Income-tax Act, in sub-section (1B), for the words, figures and letters "after the 31st day of March, 2009", the words, figures and letters "after the 31st day of March, 2010" shall be substituted.
Clause 47 of the Bill seeks to amend section 115WE of the Income-tax Act relating to Assessment.
Sub-section (1B) of the said section provides that the Central Government may, save as otherwise expressly provided, for the purpose of giving effect to the scheme made under sub-section (1A) of that section, by notification in the Official Gazette, direct that any of the provisions of this Act relating to processing of returns shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in that notification ; so, however, that no direction shall be issued after the 31st day of March, 2009.
It is proposed to amend sub-section (1B) of the said section so as to extend the time limit from 31st March, 2009 to 31st March, 2010 so that no direction shall be issued after the 31st March, 2010.
This amendment will take effect retrospectively from 1st April, 2009.
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