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Home Acts & Rules Bill Bills FINANCE BILL, 2021 Chapters List Chapter III DIRECT TAXES - Income-tax This
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Clause 41 - Amendment of section 153. - FINANCE BILL, 2021

FINANCE BILL, 2021
Chapter III
DIRECT TAXES - Income-tax
  • Contents

Amendment of section 153.

41. In section 153 of the Income-tax Act, in sub-section (1), after the second proviso, the following proviso shall be inserted, namely:––

“Provided also that in respect of an order of assessment relating to the assessment year commencing on or after the 1st day of April, 2021, the provisions of this sub-section shall have effect, as if for the words “twenty-one months”, the words “nine months” had been substituted.”.

 



 

Notes on Clauses:

Clause 41 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 the 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 insert the third proviso so as to provide that for the assessment year commencing on or after the 1st April, 2021, the time limit for making an assessment order under sections 143 or 144 shall be reduced from the existing twenty-one months to nine months from the end of the assessment year in which the income was first assessable.

This amendment will take effect from lst April, 2021.

 
 
 
 
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