Rationalisation of the provision relating to processing of returned income and issuance of notice under sub-seciton (2) of section 143 of the Act

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..... of section 143 of the Act The existing provisions of clause (a) of sub-section (1) of section 143 of the Act provides that at the time of processing of return of income made under section 139, or in response to a notice under sub-section (1) of section 142, the total income or loss shall be computed after making the adjustments specified in clauses (i) to (vi) therein. It is proposed to am .....

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..... e time limit for issue of notice under sub-section (2) of section 143 of the Act from six months to three months from the end of the financial year in which the return is furnished. These amendments will take effect from 1st April, 2021 [Clause 34] Full Text : Budget 2021-22 + FINANCE Bill, 2021 - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment, opinion .....

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