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of <h1>Finance Bill 2023 amends Income-tax Act Section 151, updating authority roles for reassessment notices and adjusting time limitations.</h1> Clause 71 of the Finance Bill, 2023, amends section 151 of the Income-tax Act. It removes the phrase 'where there is no Principal Chief Commissioner or Principal Director General' from clause (ii) and specifies that the authority for sections 148 and 148A will be the Principal Chief Commissioner, Principal Director General, Chief Commissioner, or Director General if more than three years have passed since the relevant assessment year. Additionally, a proviso is added to compute the three-year period considering limitations excluded or extended by specific provisos in section 149(1). These changes are effective from April 1, 2023.
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