Applicability date extension for income-tax assessments shifts applicability to the next fiscal year under the Income-tax Act. Amendment substitutes the operative applicability cutoff in section 143 of the Income tax Act by replacing the existing terminal date in sub section (1B) with a later terminal date, thereby deferring the point after which sub section (1B) applies and extending the period during which the prior applicability rule remains in effect.
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Applicability date extension for income-tax assessments shifts applicability to the next fiscal year under the Income-tax Act.
Amendment substitutes the operative applicability cutoff in section 143 of the Income tax Act by replacing the existing terminal date in sub section (1B) with a later terminal date, thereby deferring the point after which sub section (1B) applies and extending the period during which the prior applicability rule remains in effect.
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