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of <h1>Finance Bill 2016 proposes new time limits for income tax assessments under sections 143, 144, and 147.</h1> Clause 68 of the Finance Bill, 2016 proposes to replace section 153 of the Income-tax Act with a new section outlining time limits for assessment, reassessment, and recomputation. The changes include reducing the period for assessment under sections 143 and 144 from two years to 21 months, and for section 147 from one year to nine months. Fresh assessments following orders under sections 254, 263, or 264 must be completed within nine months. Orders under sections 250, 254, 260, 262, 263, or 264 must be effected within three months, extendable by six months if necessary. These amendments are effective from June 1, 2016.
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