Amended and updated notes on section 298 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 Power to remove difficulties.
Chapter XXIII (Sections 281 to 298) of the Income Tax Act 1961 deals with the provisions related to Miscellaneous. Section 298 of IT Act 1961 provides for Power to remove difficulties.
Recently, we have discussed in detail section 296 (Rules and certain notifications to be placed before Parliament) of IT Act 1961. Today, we learn the provisions of section 298 of Income-tax Act 1961. The amended provision of section 298 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 298 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-298: Power to remove difficulties
Section 298(1) of Income Tax Act
If any difficulty arises in giving effect to the provisions of this Act the Central Government may, by general or special order, do anything not inconsistent with such provisions which appears to it to be necessary or expedient for the purpose of removing the difficulty.
Section 298(2) of Income Tax Act
In particular, and without prejudice to the generality of the foregoing power, any such order may provide for the adaptations or modifications subject to which the repealed Act shall apply in relation to the assessments for the assessment year ending on the 31st day of March, 1962, or any earlier year.
Section 298(3) of Income Tax Act
If any difficulty arises in giving effect to the provisions of this Act as amended by the Direct Tax Laws (Amendment) Act, 1987, the Central Government may, by order, do anything not inconsistent with such provisions for the purpose of removing the difficulty:
Provided that no such order shall be made after the expiration of three years from the 1st day of April, 1988.
Section 298(4) of Income Tax Act
Every order made under sub-section (3) shall be laid before each House of Parliament.