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of <h1>Finance Bill 2023 amends section 149 of Income-tax Act, altering notice time limits and introducing 15-day exclusion.</h1> Clause 70 of the Finance Bill, 2023, proposes amendments to section 149 of the Income-tax Act concerning the time limit for issuing notices. The amendment introduces provisos allowing for a 15-day exclusion from the limitation period when a search or requisition is initiated after March 15, and the notice period expires on March 31. Notices in such cases are deemed issued on March 31. Additionally, if information comes from statements or documents related to searches conducted after March 15, a similar 15-day exclusion applies. The sixth proviso is also amended to ensure a minimum seven-day period for the Assessing Officer to pass orders. These changes take effect from April 1, 2023.
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