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of <h1>Finance Bill 2016 amends Income-tax Act Section 143, expanding return adjustments and mandating processing before assessments.</h1> Clause 66 of the Finance Bill, 2016 proposes amendments to section 143 of the Income-tax Act, effective from April 1, 2017. It expands the scope of adjustments during return processing to include disallowance of losses, expenditures, and deductions claimed beyond due dates, and income not reported in forms 26AS, 16A, or 16. Taxpayers will be notified of adjustments and given 30 days to respond. Additionally, it mandates return processing before assessment orders and revises notice issuance for evidence submission, effective June 1, 2016. These changes apply to the assessment year 2017-2018 and onwards.
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