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of <h1>Income Tax Act Update: Section 153B Amended to Extend Assessment Periods and Clarify Rules on Avoidance Arrangements</h1> The amendment to section 153B of the Income-tax Act, effective from July 1, 2012, revises the timeframes for assessment and reassessment of income. It modifies the dates in the second and third provisos concerning financial years, and introduces new provisos for cases involving search or requisition authorizations executed from April 1, 2009. These changes extend the assessment period from two to three years and specify a 36-month limitation for assessments involving other persons under section 153C. Additionally, the explanation clause is amended to extend certain periods from six months to one year and includes provisions related to impermissible avoidance arrangements.
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