The following amendments have been made under section 143 —
1. Section 143(1)(a) provides that at the time of processing of return of income, the total income (or loss) shall be computed after making the adjustments specified in clauses (i) to (vi) therein. Sub-clause (vi) of the said clause provides for adjustment in respect of addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been included in computing the total income in the return. This provision has been amended to provide that no adjustment under sub-clause (vi) shall be made in respect of any return furnished for the assessment year 2018-19 and subsequent years. In other words, provisions of sub-clause (vi) shall be applicable only for the assessment year 2017-18.
2. A new scheme for the purpose of making assessments has been coined so as to impart greater transparency and accountability, by eliminating the interface between the Assessing Officer and the assessee, optimal utilization of the resources, and introduction of team-based assessment. For this purpose, a new sub-section (3A) has been inserted (with effect from April 1, 2018) which would enable the Central Government to prescribe the aforementioned new scheme for scrutiny assessments, by way of notification in the Official Gazette. Further, sub-section (3B) has been inserted which empowers the Central Government to direct (by notification in the Official Gazette) that any of the provisions relating to assessment shall not apply, or shall apply with such exceptions, modifications and adaptations as may be specified therein. However, no such direction shall be issued after March 31, 2020. |
