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Consider the following statements about section 536 of the Income-tax Act, 2025: Statement 1:…

Section 536(1) repeals the 1961 Act, section 536(4) applies section 6 of the General Clauses Act, 1897 to the effect of the repeal, and section 536(2)(f) carries over…

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Consider the following statements about section 536 of the Income-tax Act, 2025:
Statement 1: Sub-section (1) repeals the Income-tax Act, 1961.
Statement 2: Section 6 of the General Clauses Act, 1897 applies with regard to the effect of the repeal, without prejudice to the savings in sub-section (2).
Statement 3: An option exercised by an assessee under the 1961 Act and in force immediately before the commencement of the 2025 Act is deemed to have been exercised under the corresponding provision of the 2025 Act.
Which of the statements are correct?

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Answer and explanation

Correct answer D

Section 536(1) repeals the 1961 Act, section 536(4) applies section 6 of the General Clauses Act, 1897 to the effect of the repeal, and section 536(2)(f) carries over elections, declarations and options made under the old Act. So "All three Statements are correct". The specific savings in section 536(2) work alongside the General Clauses Act and do not displace it.

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