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of <h1>Finance Act 2018 amends Section 143 of Income-tax Act: New schemes for efficient, transparent assessments introduced.</h1> Section 143 of the Income-tax Act has been amended by the Finance Act, 2018. The amendment includes a new proviso in sub-section (1), clause (a), stating that no adjustments will be made under sub-clause (vi) for returns from the assessment year starting April 1, 2018. Additionally, new sub-sections (3A), (3B), and (3C) have been introduced. These allow the Central Government to create a scheme for assessing total income or loss, aiming for efficiency and transparency by reducing direct interaction between officers and taxpayers, utilizing resources effectively, and implementing team-based assessments. Notifications under these sub-sections must be presented to Parliament.
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