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of <h1>Union Budget 2024-25 Proposes Changes to Finance Act Procedures for Assessments u/ss 148, 149, and 148A.</h1> The Finance Act, 2021, introduced changes to the assessment and reassessment procedures under the Act, impacting sections 148, 149, and introducing section 148A. The Union Budget 2024-25 proposes further rationalization to reduce litigation and streamline processes. Key amendments include redefining the issuance of notices and time limits for assessment, reassessment, or recomputation. Notices under section 148 require prior approval if information suggests escaped income. Section 148A mandates a hearing opportunity before notice issuance. Time limits are set for notices, with specific cases allowing extensions. The specified authority for sections 148 and 148A is redefined, and transitional provisions are outlined for cases before September 2024. These changes take effect from September 1, 2024.
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