https://www.taxtmi.com/article/detailed?id=9664 The Finance Bill, 2021 replaces and streamlines reassessment provisions: substituted section 147 preserves Assessing Officer powers to reassess escaped income and recompute allowances, with explanations defining "income escaped assessment" and deeming information arising from searches, requisitions or surveys. A new section 148A mandates pre-notice enquiry, prior specified-authority approval, and a show-cause opportunity before issuing a section 148 notice, subject to enumerated exclusions. Amendments to sections 149, 151 and 153 adjust limitation periods, identify the specified authority by seniority, and reduce the statutory period for completing assessments in specified years. en-us Thu, 04 Feb 2021 08:14:27 +0530 Thu, 04 Feb 2021 08:14:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9664 The Finance Bill, 2021 replaces and streamlines reassessment provisions: substituted section 147 preserves Assessing Officer powers to reassess escaped income and recompute allowances, with explanations defining "income escaped assessment" and deeming information arising from searches, requisitions or surveys. A new section 148A mandates pre-notice enquiry, prior specified-authority approval, and a show-cause opportunity before issuing a section 148 notice, subject to enumerated exclusions. Amendments to sections 149, 151 and 153 adjust limitation periods, identify the specified authority by seniority, and reduce the statutory period for completing assessments in specified years. Articles Budget - Tax Proposals Thu, 04 Feb 2021 08:14:27 +0530 https://www.taxtmi.com/article/detailed?id=9664