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of <h1>Clause 35 of Finance Bill 2021 amends Section 147 of Income-tax Act on income escaping assessment. Effective April 1, 2021.</h1> Clause 35 of the Finance Bill, 2021, proposes to amend section 147 of the Income-tax Act regarding income escaping assessment. The new provision allows the Assessing Officer to assess or reassess income that has escaped assessment for any assessment year. This includes any income that comes to notice during proceedings, regardless of compliance with section 148A. The officer may also recompute losses or allowances for the relevant year. This amendment is effective from April 1, 2021, and is subject to sections 148 to 153.
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