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of <h1>Finance Bill 2022 amends Income-tax Act Section 153B, changing assessment time limits for post-April 2021 searches.</h1> Clause 49 of the Finance Bill, 2022, amends section 153B of the Income-tax Act, addressing the time limits for completing assessments under section 153A. The amendment introduces a new sub-section (4), exempting searches or requisitions initiated on or after April 1, 2021, from the existing provisions. Additionally, a new clause (xi) in the Explanation excludes the period from the search or requisition date until the transfer of seized items to the Assessing Officer, or up to 180 days, from the limitation period. These changes are effective from April 1, 2021, and take effect from April 1, 2022.
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