Savings on repeal preserve procedural and substantive continuity for matters tied to earlier tax years under the repealed regime.
The repeal provision preserves continuation of rights, obligations and proceedings relating to tax years beginning before the statutory cut-off by deeming prior actions, elections, penalties, refunds, recovery, carry-forwards of losses, credits and depreciation to remain effective and by allowing pending and certain later-initiated proceedings to be conducted under the repealed procedural rules; it invokes the General Clauses Act for repeal effect and specifies fallback mechanics for schemes where no corresponding provision exists in the new Act.