Home > Income Tax Act 2025 > Section-531Last Updated: Feb 18th 2025
Section-531 : Power to rescind exemption in relation to certain Union territories already granted under section 294A of the Income-tax Act, 1961
Learn to understand the section-531 as it is, it's help and useful links to follow.
Here onwards, "Act" refers to "Income Tax Act 2025"
1. Section-531 as per act
Where the Central Government considers it necessary or expedient so to do may, by general or special order, rescind an exemption, reduction in rate or other modification in respect of income-tax or super-tax in favour of any assessee or class of assessees or in regard to the whole or any part of the income of any assessee or class of assesses, made as per the provisions of section 294A of the Income-tax Act, 1961.