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of <h1>Finance Bill 2013 amends section 153 of Income-tax Act to adjust assessment deadlines and exclude specific periods.</h1> Clause 37 of the Finance Bill, 2013, amends section 153 of the Income-tax Act, adjusting the time limits for completing assessments and reassessments. The amendment to Explanation 1 specifies periods to be excluded from the limitation period. Clause (iii) is revised to exclude the period from when the Assessing Officer orders an audit under section 142(2A) until the audit report is due or when a court decision is received. Clause (viii) is updated to exclude the period for information exchange under sections 90 or 90A. Clause (ix) is omitted and reintroduced for impermissible avoidance arrangements, effective April 2016.
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