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of <h1>Finance Act 2021: Changes in Income Assessment Procedures, Introduces Section 148A, Alters Sections 147, 148, 149.</h1> The Finance Act, 2021 amended the income assessment and reassessment procedures, affecting sections 147, 148, 149, and introducing section 148A. Key changes include removing the need for approval to issue notices under section 148 if prior approval under 148A(d) is obtained, and omitting certain approval requirements in section 148A. Amendments also correct drafting errors and align provisions with legislative intent, effective from April 1, 2022, with some retrospective from April 1, 2021. New provisions include a requirement for higher authority approval for assessments post-search and extending the limitation period for assessments involving searches or requisitions.
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