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of <h1>Finance Bill 2022 amends Income-tax Act Section 149, extending notice period for high-value income escapes.</h1> Clause 47 of the Finance Bill, 2022, amends section 149 of the Income-tax Act, adjusting the time limits for issuing notices under section 148. Notices can now be issued between three to ten years after the relevant assessment year only if the Assessing Officer possesses evidence indicating that income escaping assessment exceeds fifty lakh rupees, represented as assets, expenditures, or book entries. Additionally, a new sub-section (1A) mandates issuing notices for each assessment year if such income involves multiple years. These amendments take effect from April 1, 2022, with certain provisions applied retrospectively from April 1, 2021.
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