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of <h1>Direct Taxes Code Bill, 2009: Clause 282 Repeals Income-tax Act, 1961; Ensures Smooth Transition with Savings Provisions</h1> Clause 282 of the Direct Taxes Code Bill, 2009, repeals the Income-tax Act, 1961, while outlining savings provisions. It allows ongoing assessments and proceedings initiated before the Code's commencement to continue under the old Act. Returns filed after the Code's commencement for years ending March 31, 2011, or earlier, will be assessed under the new Code. Penalties and refunds are addressed with transitional provisions, ensuring continuity where applicable. Elections, declarations, and appointments under the repealed Act are recognized under the new Code. Existing agreements and orders remain valid if consistent with the new provisions, and specific deductions continue under the new Code.
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