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of <h1>Finance Bill 2021 amends Section 149 of Income-tax Act: New time limits for issuing notices under Section 148.</h1> Clause 38 of the Finance Bill, 2021 proposes to amend section 149 of the Income-tax Act, setting a time limit for issuing notices under section 148. Notices cannot be issued if three years have passed since the end of the relevant assessment year unless the case involves assets amounting to fifty lakh rupees or more, in which case the limit extends to ten years. Exceptions include cases requiring notices under sections 153A or 153C related to searches or requisitions before April 1, 2021. The amendment also details exclusions for computing limitation periods and extends the period to seven days if less time remains.
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