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of <h1>Income Tax Act: Section 281B Amended to Include Explanation and New Proviso on Settlement Applications.</h1> Section 281B of the Income-tax Act is amended by the Finance Act, 1988. An explanation is added to sub-section (1), stating that proceedings under sub-section (5) of section 132 are considered as proceedings for assessing income or reassessing income that has escaped assessment. In sub-section (2), a new proviso is introduced, specifying that if an application for settlement under section 245C is submitted, the period from the application date to the order date under section 245D(1) is excluded from the specified period in the previous proviso.
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