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of <h1>Finance Act 2016 Amends Section 153 to Set Time Limits for Tax Assessments and Reassessments</h1> Section 153 of the Income-tax Act was amended by the Finance Act, 2016, effective June 1, 2016, to establish time limits for completing assessments, reassessments, and recomputations. Assessments under sections 143 or 144 must be completed within 21 months from the end of the assessment year, while reassessments under section 147 have a nine-month limit from the financial year's end when the notice was served. Special provisions allow extensions in cases involving fresh assessments or references under section 92CA. The amendment also provides guidelines for excluding certain periods from the limitation calculation and stipulates conditions for extending these periods.
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