Amended and updated notes on section 101 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 framing of guidelines.
Chapter XA (Sections 95 to 102) of the Income Tax Act 1961 deals with the provisions related to General Anti-Avoidance Rule. Section 101 of IT Act 1961-2020 provides for framing of guidelines.
Recently, we have discussed in detail section 100 (Application of this Chapter) of IT Act 1961. Today, we learn the provisions of section 101 of Income-tax Act 1961. The amended provision of section 101 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 101 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.
Section-101: Framing of guidelines
The provisions of this Chapter shall be applied in accordance with such guidelines and subject to such conditions, as may be prescribed.