Limitation period extension increases the statutory assessment period under income tax following the amendment provision. The amendment substitutes the existing phrase denoting a one-year limitation with language denoting a three-year limitation in the specified provision of ... Summary
Limitation period extension increases the statutory assessment period under income tax following the amendment provision.
The amendment substitutes the existing phrase denoting a one-year limitation with language denoting a three-year limitation in the specified provision of the Income-tax Act, extending the period for tax-related actions and taking effect from the commencement date set by the amendment.
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