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of <h1>Finance Bill 2022: Amendments to Section 153 Set New Time Limits for Tax Assessments and Reassessments</h1> Clause 48 of the Finance Bill, 2022, proposes amendments to section 153 of the Income-tax Act, focusing on the time limits for assessment, reassessment, and recomputation. A new sub-section (1A) allows assessments to be made within nine months of the financial year-end if an updated return is filed. Sub-sections (3) and (5) are amended to include fresh orders under section 92CA, and a new sub-section (5A) mandates that the Assessing Officer modify assessments within two months of receiving an order from the Transfer Pricing Officer. Additional amendments to Explanation 1 address time exclusions related to searches and references, effective from April 2021 and April 2022.
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