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of <h1>Finance Bill 2010: Amendment to Section 245C of Income-tax Act Raises Settlement Application Thresholds Effective June 1, 2010.</h1> Clause 46 of the Finance Bill, 2010, amends section 245C of the Income-tax Act, effective June 1, 2010. The amendment revises the conditions under which an application can be made to the Settlement Commission. For cases involving assessment or reassessment initiated due to searches or requisitions under sections 132 or 132A, the additional income-tax payable must exceed fifty lakh rupees. In other cases, the threshold is ten lakh rupees. The tax and interest must be paid before applying, with proof attached to the application. Previously, the minimum additional tax for such applications was three lakh rupees.
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