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of <h1>Finance Act 2022 amends Section 143: New rules for income assessment of certain entities and withdrawal of approvals.</h1> Section 143 of the Income-tax Act has been amended by the Finance Act, 2022. The amendment involves replacing the first proviso to ensure that the Assessing Officer cannot finalize the income assessment of certain entities like research associations, news agencies, and institutions without considering section 10 provisions, unless specific conditions are met, such as notifying the Central Government of contraventions and withdrawal of approvals. The second proviso is also modified to require the Assessing Officer to refer cases of violations by certain funds, trusts, or institutions to the Principal Commissioner for withdrawal of approvals before finalizing assessments. The third proviso is removed.
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