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of <h1>Section 247 of Insolvency and Bankruptcy Code 2016 prompts amendments to Income-tax Act 1961, effective November 1, 2016.</h1> Section 247 of the Insolvency and Bankruptcy Code, 2016, mandates amendments to the Income-tax Act, 1961, as specified in the Third Schedule. These amendments came into effect on November 1, 2016, as per the notification S.O. 3355(E).
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