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of <h1>Amendments to Section 153B of Income-tax Act: Assessment Time Limits Reduced for Searches from 2018 Onwards.</h1> Clause 60 of the Finance Bill, 2017 proposes amendments to section 153B of the Income-tax Act, 1961, concerning the time limits for completing assessments under section 153A. The amendments reduce the assessment period from twenty-one months to eighteen months for searches conducted in the financial year 2018-2019, and to twelve months for searches from 2019-2020 onwards. For other persons under section 153C, the limitation period is either aligned with the main search or twelve months from when relevant documents are handed over, whichever is later. Additionally, provisions ensure a minimum one-year period for assessments if proceedings before the Settlement Commission abate. These changes are effective from April 1, 2017, with certain provisions applied retrospectively from June 1, 2016.
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