9911796707
TMI BlogAmendment of section 153.X X X X Extracts X X X X X X X X Extracts X X X X ..... ths , the words twelve months had been substituted. ; (ii) in sub-section (2), the following proviso shall be inserted, namely:- Provided that where the notice under section 148 is served on or after the 1st day of April, 2019, the provisions of this sub-section shall have effect, as if for the words nine months , the words twelve months had been substituted. ; (iii) in sub-section (3), the following proviso shall be inserted, namely:- Provided that where the order under section 254 is received by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the Principal Commissioner or Commissioner on or after the 1st day of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , in the third proviso, the figures and letter 153B, shall be omitted. - Clause 58 of the Bill seeks to amend section 153 of the Income-tax Act relating to time-limit for completion of assessment, reassessment and recomputation. The said section provides for time-limit for completion of assessment, reassessment and recomputation in certain cases mentioned therein. It is proposed to amend sub-section (1) of the said section to provide that for the assessment year 2018-2019, the time limit for making an assessment order under section 143 or 144 shall be reduced from existing twenty-one months to eighteen months from the end of the assessment year, and for the assessment year 2019-2020 and onwards, the said time-limit shall be twelve months fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r giving effect to such order. It is also proposed to amend sub-section (9) of the said section to provide that where a notice under sub-section (1) of section 142 or sub-section (2) of section 143 or section 148 has been issued prior to the 1st day of June, 2016 and the assessment or reassessment has not been completed by such date due to exclusion of time referred to in Explanation 1, such assessment or reassessment shall be completed in accordance with the provisions of section 153 as it stood immediately before its substitution by the Finance Act, 2016. These amendments will take effect retrospectively from 1st June, 2016. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management In ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
