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of <h1>Finance Bill 2022 amends section 132B of Income-tax Act, revising asset handling and interest rules from April 1, 2022.</h1> Clause 36 of the Finance Bill, 2022, proposes amendments to section 132B of the Income-tax Act concerning the application of seized or requisitioned assets. The amendment modifies sub-section (1), clause (i) to replace 'completion of the assessment under section 153A' with 'completion of the assessment or reassessment or recomputation.' Similarly, sub-section (4), clause (b) is amended to replace 'under section 153A or under Chapter XIV-B' with 'or reassessment or recomputation.' These changes are effective from April 1, 2022, and affect the handling and interest computation of seized assets.
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