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of <h1>Finance Bill 2021 amends Income Tax Act, section 143: Streamlines income processing, notice issuance, and shortens timeframes.</h1> The Finance Bill 2021 proposes amendments to section 143 of the Income Tax Act to streamline the processing of returned income and the issuance of notices. Key changes include allowing adjustments for income increases stated in audit reports but not considered in total income calculations, aligning provisions with section 80 AC amendments, and reducing the time limit for sending intimation from one year to nine months. Additionally, the time frame for issuing notices under sub-section (2) is shortened from six months to three months. These amendments are set to take effect from April 1, 2021.
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