Amendment of section 153.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... months", the words "twelve months" had been substituted.'; (ii) in sub-section (2), the following proviso shall be inserted, namely:- 'Provided that where the notice under section 148 is served on or after the 1st day of April, 2019, the provisions of this sub-section shall have effect, as if for the words "nine months", the words "twelve months" had been substituted.'; (iii) in sub-section (3), the following proviso shall be inserted, namely:- 'Provided that where the order under section 254 is received by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the Principal Commissioner or Commissioner on or afte....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....6) ."; (vi) in Explanation 1, in the third proviso, the figures and letter "153B," shall be omitted. - Clause 58 of the Bill seeks to amend section 153 of the Income-tax Act relating to time-limit for completion of assessment, reassessment and recomputation. The said section provides for time-limit for completion of assessment, reassessment and recomputation in certain cases mentioned therein. It is proposed to amend sub-section (1) of the said section to provide that for the assessment year 2018-2019, the time limit for making an assessment order under section 143 or 144 shall be reduced from existing twenty-one months to eighteen months from the end of the assessment year, and for the assessment year 2019-2020 and onwards, the said ....