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of <h1>Finance Act 2022 amends Section 153 of Income-tax Act, reducing assessment order time limits and adding new provisions.</h1> Section 153 of the Income-tax Act has been amended by the Finance Act, 2022. The amendment modifies the time limits for assessment orders, reducing the period from twenty-one months to twelve months for the assessment year starting April 1, 2019, and to eighteen months for the year starting April 1, 2020. A new sub-section (1A) allows assessment orders within nine months for returns filed under section 139(8A). Changes include provisions involving the Transfer Pricing Officer and adjustments in timelines for assessments and reassessments. Additional clauses clarify periods related to searches and references to the Principal Commissioner or Commissioner.
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