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of <h1>Finance Bill 2023: Amendments to Income-tax Act's Section 155 on Assessments & Co-op Societies' Income Recomputations</h1> Clause 74 of the Finance Bill, 2023, amends section 155 of the Income-tax Act. It includes section 10AA in sub-section (11A), effective April 1, 2024, allowing the Assessing Officer to amend assessments for income received later. A new sub-section (19) allows co-operative societies in sugar manufacturing to recompute income for disallowed sugarcane purchase deductions before April 1, 2014, effective April 1, 2023. Sub-section (20), effective October 1, 2023, permits amendment of assessments for tax deducted at source in a financial year different from the assessment year, with a two-year application window.
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