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of <h1>Finance Bill 2022 introduces Section 156A to revise tax demand notices under the Income-tax Act based on insolvency rulings.</h1> Clause 50 of the Finance Bill, 2022 proposes the insertion of section 156A into the Income-tax Act, addressing the modification and revision of demand notices. If a tax-related demand issued under section 156 is reduced due to an order from an Adjudicating Authority as per the Insolvency and Bankruptcy Code, 2016, the Assessing Officer must adjust the demand and issue a revised notice. This notice is treated as a notice under section 156. Should the order be further modified by the National Company Law Appellate Tribunal or the Supreme Court, the notice must be revised accordingly. These changes are effective from April 1, 2022.
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