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of <h1>Finance Bill 2011 amends Section 153 of Income-tax Act; adjusts assessment time limits for info exchange under Sections 90/90A.</h1> Clause 25 of the Finance Bill, 2011 proposes an amendment to section 153 of the Income-tax Act, concerning the time limits for completing assessments and reassessments. The amendment introduces a new clause (viii) in Explanation 1, which allows excluding the period from when a reference for information exchange is made under sections 90 or 90A until the information is received by the Commissioner, or a maximum of six months, whichever is shorter, from the limitation period. This change is effective from June 1, 2011.
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