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of <h1>Clause 41 of Finance Bill 2021 amends section 153, cutting assessment time from 21 to 9 months.</h1> Clause 41 of the Finance Bill, 2021, amends section 153 of the Income-tax Act, reducing the time limit for completing assessments, reassessments, and recomputations. Specifically, for assessment years starting on or after April 1, 2021, the period for issuing an assessment order under sections 143 or 144 is shortened from twenty-one months to nine months from the end of the relevant assessment year. This amendment is effective from April 1, 2021, aiming to expedite the assessment process.
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