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of <h1>Amendment to Income-tax Act Section 147: New Clause Targets Unfiled or Understated Returns from June 1, 2016.</h1> In the Finance Act of 2016, section 147 of the Income-tax Act was amended to include a new clause in Explanation 2, effective from June 1, 2016. This clause, labeled (ca), addresses situations where an assessee has not filed a return of income or has filed one but the Assessing Officer, based on information from the prescribed income-tax authority under section 133C(2), discovers that the assessee's income exceeds the non-taxable threshold or that the income has been understated, or excessive loss, deduction, allowance, or relief has been claimed.
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