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Amendment of section 153.

Clause 58 - Bills - DIRECT TAXES - Income-tax - Bill - Clause 58 - 58. In section 153 of the Income-tax Act,- (i) in sub-section (1), the following provisos shall be inserted, namely:- Provided that in respect of an order of assessment relating to the assessment year commencing on the 1st day of April, 2018, the provisions of this sub-section shall have effect, as if for the words twenty-one months , the words eighteen months had been substituted: Provided further that in respect of an order of .....

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e 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 April, 2019, the provisions of this sub-section shall have effect, a .....

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where an opportunity of being heard is to be provided to the assessee, the order giving effect to the said order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264 shall be made within the time specified in sub-section (3). ; (v) in sub-section (9), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 2016, namely:- Provided that where a notice under sub-section (1) of section 142 or sub .....

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d. 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 .....

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