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of <h1>Finance Bill 2012 amends Section 149 of Income-tax Act, extending notice period for foreign assets to 16 years.</h1> Clause 62 of the Finance Bill, 2012 amends section 149 of the Income-tax Act to modify the time limits for issuing notices regarding income escaping assessment. A new clause allows notices up to sixteen years after the relevant assessment year if the income involves assets outside India. The amendment changes the period for issuing notices to agents of non-residents from two to six years. An added explanation clarifies that these amendments apply to assessments from or before April 1, 2012. These changes are effective from July 1, 2012.
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