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of <h1>Finance Bill 2012: Section 153 Amended to Extend Assessment Time Limits by 3 Months, Effective July 1, 2012.</h1> Clause 63 of the Finance Bill, 2012, proposes amendments to section 153 of the Income-tax Act regarding time limits for completing assessments and reassessments. The amendments revise the specified time limits, extending them by three months, effective from July 1, 2012. Additionally, clause (viii) of Explanation 1 is amended to extend the exclusion period from six months to one year. A new clause (ix) is introduced to exclude the period from the receipt of a reference by the Commissioner under section 144BA until a direction or order is received by the Assessing Officer, effective April 1, 2013.
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