CA.Mohit Gupta
Quick Summary
Introduction The Honble Union Finance Minister Nirmala Sitharaman has presented the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections on 1 February, 2023.While presenting the Budget, Sitharaman said: This Budget hopes to build on the foundation laid in the
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FAQ :
The budget amends Section 132 of the Income Tax Act to allow authorised officers to requisition services from various approved persons or entities, beyond just police or central government officers. It also clarifies the definition of 'last authorisation' and provides time exclusions for issuing notices in specific late-year search scenarios.
Yes, amendments allow authorised officers to requisition services from any person or entity approved by senior tax officials, which can include specialists like digital forensic experts and valuers, to assist in complex searches.
The budget introduces a proviso to Section 149, excluding fifteen days for computing the limitation period for issuing notices under Section 148 or 148A if a search or requisition occurs after March 15th. The notice will be deemed issued on March 31st.
A new sub-section (3A) in Section 153 extends the period for completing pending assessments or reassessments by twelve months if a search or requisition is initiated during that period.
Most of the proposed amendments, including those to Section 132, will take effect from April 1st, 2023. The clarification on the 'last authorisation' definition takes effect retrospectively from April 1st, 2022.
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