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of <h1>Finance Bill 2022 amends Income-tax Act section 143: New rules for research bodies and trusts from April 2022.</h1> Clause 40 of the Finance Bill, 2022, proposes amendments to section 143 of the Income-tax Act concerning the assessment of income or loss. The amendments specify that for certain research associations, news agencies, associations, institutions, and trusts, the Assessing Officer cannot finalize assessments without considering section 10 provisions unless a violation is reported to the Central Government and approval is withdrawn. Additionally, if specified violations occur, the Assessing Officer must refer the case to the Principal Commissioner to withdraw approval or registration. These changes are effective from April 1, 2022.
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