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of <h1>Finance Bill 2021 amends Income-tax Act, requiring notice for reassessment under Section 148 with prior approval.</h1> Clause 36 of the Finance Bill, 2021 proposes to replace section 148 of the Income-tax Act, concerning notices for income that has escaped assessment. The new section mandates that before any assessment, reassessment, or recomputation under section 147, the Assessing Officer must issue a notice to the assessee, requiring a return of income. This notice can only be issued if there is information suggesting income has escaped assessment, and prior approval from a specified authority is obtained. The amendment defines what constitutes such information and outlines conditions under which the Assessing Officer is deemed to have such information. This change is effective from April 1, 2021.
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