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of <h1>Finance Bill 2022 amends Section 148 of Income-tax Act, streamlining notice issuance for escaped income assessment.</h1> Clause 44 of the Finance Bill, 2022, proposes amendments to section 148 of the Income-tax Act, which deals with issuing notices when income has escaped assessment. A new proviso is introduced, eliminating the need for approval to issue a notice if the Assessing Officer, with prior approval from the specified authority, deems it necessary under section 148A. Explanation 1 is amended to clarify the types of information that suggest income has escaped assessment, including audit objections and information received under international agreements. Explanation 2 is revised to omit certain references and specify conditions under which the Assessing Officer is deemed to have relevant information. These amendments are effective from April 1, 2022, with some retrospective effect from April 1, 2021.
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