Legislative framework to enable centralised issuance of notice and processing of information under section 133C
Section 133C of the Act empowers the prescribed income-tax authority to issue notice calling for information and documents for the purpose of verification of information in its possession.
In order to expedite verification and analysis of the information and documents so received, it is proposed to amend section 133C to empower the Central Board of Direct Taxes to make a scheme for centralised issuance of notice calling for information and documents for the purpose of verification of information in its possession, processing of such documents and making the outcome thereof available to the Assessing Officer for necessary action, if any.
This amendment will take effect from 1st April, 2017.
Extract of relevant clause from Finance Bill, 2017
Amendment of section 133C.
54. In section 133C of the Income-tax Act, after sub-section (2) and before the Explanation, the following sub-section shall be inserted, namely:––
“(3) The Board may make a scheme for centralised issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer.”.