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of <h1>Income Tax Act Update: Finance Bill 2023 Amends Section 148, Sets New Deadline for Escaped Income Notices</h1> Clause 69 of the Finance Bill, 2023 amends section 148 of the Income-tax Act concerning notices for income that has escaped assessment. The amendment specifies that the return must be submitted within three months from the end of the month in which the notice is issued, or within an extended period allowed by the Assessing Officer upon application by the assessee. Additionally, a new proviso states that returns filed beyond this period will not be considered as returns under section 139. These changes are effective from April 1, 2023.
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