Section 46 of Finance Act 2018 : Amendment of section 143 Income Tax Act

By | April 1, 2018
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(Last Updated On: April 16, 2018)

Section 46 of Finance Act 2018

[Section 46 of Finance Act 2018 deals with Amendment of section 143. and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 143.

46. In section 143 of the Income-tax Act,—

(a)in sub-section (1), in clause (a), after the second proviso, the following proviso shall be inserted, namely:—
Provided also that no adjustment shall be made under sub-clause (vi) in relation to a return furnished for the assessment year commencing on or after the 1st day of April, 2018;”;
(b)after sub-section (3), the following sub-sections shall be inserted, namely:—
“(3A) The Central Government may make a scheme, by notification in the Official Gazette, for the purposes of making assessment of total income or loss of the assessee under sub-section (3) so as to impart greater efficiency, transparency and accountability by—
(a)eliminating the interface between the Assessing Officer and the assessee in the course of proceedings to the extent technologically feasible;
(b)optimising utilisation of the resources through economies of scale and functional specialisation;
(c)introducing a team-based assessment with dynamic jurisdiction.
(3B) The Central Government may, for the purpose of giving effect to the scheme made under sub-section (3A), by notification in the Official Gazette, direct that any of the provisions of this Act relating to assessment of total income or loss shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in the notification:
Provided that no direction shall be issued after the 31st day of March, 2020.
(3C) Every notification issued under sub-section (3A) and sub-section (3B) shall, as soon as may be after the notification is issued, be laid before each House of Parliament.”.

Finance Act 2018 : Assented by President : Download Print Notification

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