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of <h1>Union Budget 2024-25 Amends Section 153: New Timelines for Assessment, Reassessment, and Recomputation Processes Effective Oct 2024.</h1> The Union Budget 2024-25 proposes amendments to section 153 of the Act to address procedural difficulties in assessment, reassessment, and recomputation time limits. Key changes include a new sub-section (1B) allowing assessments related to section 119(2)(b) to be completed within twelve months from the end of the financial year when the return is filed. Sub-section (3) will now include section 250 to set time limits for cases set aside by the Commissioner (Appeals). Sub-section (8) is amended to specify timelines for revived assessments due to annulled block assessments. Explanation 1(xii) is adjusted to clarify limitation periods. These amendments take effect from October 1, 2024.
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