Limitation period for tax assessment intimations reduced to one year from return year, with limited transitional extension for earlier returns.

Amendment replaces the two-year limitation for issuing intimations under section 143(1) with a one-year period measured from the end of the financial year in which the return is made, and adds a transitional proviso permitting intimations for income first assessable in the assessment year commencing April 1, 1999, to be sent up to March 31, 2002.

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