Clause 48 - Amendment of section 153. - Finance (No. 2) Bill, 2024

Amendment of section 153. 48. In section 153 of the Income-tax Act, with effect from the 1st day of October, 2024, (I) after sub-section (1A), the following sub-section shall be inserted, namely: (1B) Notwithstanding anything in sub-section (1), where a return is furnished in consequence of an order under clause (b) of sub-section (2) of section 119, an order of assessment under section 143 or section 144 may be made at any time before the expiry of twelve months from the end of the financial year in which such return was furnished. ; (II) in sub-section (3), for the words and figures order under section 254 wherever they occur, the words and figures order under section 250 or section 254 shall be substituted; (III) in sub-section (8), (i) for the word, figures and letter section 153B at both the places where they occur, the words, figures and letters section 153B or section 158BE shall be substituted; (ii) for the words, brackets, figures and letter revived under sub-section (2) of section 153A , the words, brackets, figures and letters revived under sub-section (2) of section 153A or sub-section (5) of section 158BA shall be substituted; (IV) in Explanation 1, after the fifth proviso, the following proviso shall be inserted, namely: Provided also that where after exclusion of the period referred to in clause (xii), the period of limitation for making an order of assessment, reassessment or recomputation, as the case may be, ends before the end of the month, such period shall be extended to the end of such month. .