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<h1>Income-Tax Act Section 245 Amended: New Rules for Withholding Tax Refunds Now Effective from October 1, 2024.</h1> Section 245 of the Income-tax Act has been amended by the Finance (No. 2) Act, 2024, effective from October 1, 2024. The amendment involves two key changes: the removal of the phrase 'is of the opinion that the grant of refund is likely to adversely affect the revenue,' and the insertion of the words 'sixty days from' after 'withhold the refund up to.' These changes alter the conditions under which tax refunds can be withheld.