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of <h1>Amendment to Section 153 of Income-tax Act: Assessment Time Limits Reduced from Two Years to Nine Months.</h1> The amendment to section 153 of the Income-tax Act, effective from June 1, 2006, modifies various time limits related to tax assessments. For assessment years starting April 1, 2004, or later, the period for certain assessments is reduced from two years to twenty-one months. Sub-section (1A) and (1B) also see reductions from two years to twenty-one months and from one year to nine months, respectively. Further, if a notice under section 148 or orders under sections 254, 263, or 264 are issued or received after April 1, 2005, the relevant time limits are similarly shortened to nine months.
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