Time limit for completion of assessment u/s 153A - Section 153B - Income Tax - Ready Reckoner - Income Tax

Time limit for completion of assessment u/s 153A - Section 153B Section 153B(1)(a) - In respect of each assessment year falling within six assessment years and for the relevant assessment year or years u/s 153A(1)(b) Period of search and seizure conducted: - Normal Period of Assessment/ Reassessment u/s 153B Period of Assessment/ Reassessment where a reference has been made to Transfer Pricing Officer u/s 92CA in course of proceedings u/s 153A Before 01.04.2018 21 months from the end of the financial year in which the last of the authorisations for search u/s 132 or for requisition u/s 132A was executed 33 months from the end of the financial year in which the last of the authorisations for search u/s 132 or for requisition u/s 132A was executed on the 1st day of April, 2018 to 31st March 2019 18 months from the end of the financial year in which the last of the authorisations for search u/s 132 or for requisition u/s 132A was executed 30 months from the end of the financial year in which the last of the authorisations for search u/s 132 or for requisition u/s 132A was executed on or after the 1st day of April, 2019 12 months from the end of the financial year in which the last of the authorisations for search u/s 132 or for requisition u/s 132A was executed 24 months from the end of the financial year in which the last of the authorisations for search u/s 132 or for requisition u/s 132A was executed For AY 2021-22, where search has taken place during FY 2020-21 [Amendment w.e.f. AY 2022-23] EXTENDED The assessment in such cases for the AY 2021-22 shall be made on or before the 30.09.2022. The assessment in such cases for the AY 2021-22 shall be made on or before the 30.09.2022. In respect of the assessment year relevant to the previous year in which search is conducted u/s 132 or requisition is made u/s 132A Period of search and seizure conducted: - Normal Period of Assessment/ Reassessment u/s 153B Period of Assessment/ Reassessment where a reference has been made to Transfer Pricing Officer u/s 92CA in course of proceedings u/s 153A Before 01.04.2018 21 months from the end of the financial year in which the last of the authorisations for search u/s 132 or for requisition u/s 132A was executed 33 months from the end of the financial year in which the last of the authorisations for search u/s 132 or for requisition u/s 132A was executed In FY 2018-19 18 months from the end of the financial year in which the last of the authorisations for search u/s 132 or for requisition u/s 132A was executed 30 months from the end of the financial year in which the last of the authorisations for search u/s 132 or for requisition u/s 132A was executed In FY 2019-20 onwards 12 months from the end of the financial year in which the last of the authorisations for search u/s 132 or for requisition u/s 132A was executed 24 months from the end of the financial year in which the last of the authorisations for search u/s 132 or for requisition u/s 132A was executed Although the return of income of PY in which search was conducted shall be filed as per the normal provisions but the assessment of AY relevant to such PY shall have to be completed within the aforesaid time. Period of limitation to exclude certain period: Period of Stay - the period during which the assessment proceeding is stayed by an order or injunction of any court; Period of Audit done u/s 142(2A) - the period commencing from the date on which the Assessing Officer directs the assessee to get his accounts audited u/s 142(2A) ; Period of Valuation done u/s 142(1) - the period commencing from the date on which the Assessing Officer makes a reference to the Valuation Officer u/s 142A(1) and ending with the date on which the report of the Valuation Officer is received by the Assessing Officer; Time given to Assessee u/s 129 - he time taken in re-opening the whole or any part of the proceeding or in giving an opportunity to the assessee of being re-heard under the proviso to section 129 ; in a case where an application made before the Income-tax Settlement Commission is rejected by it or is not allowed to be proceeded with by it, the period commencing from the date on which an application is made before the Settlement Commission under section 245C and ending with the date on which the order u/s 245D(1) is received by the Principal Commissioner or Commissioner; he period commencing from the date on which an application is made before the Authority for Advance Rulings under section 245Q(1) and ending with the date on which the order rejecting the application is received by the Principal Commissioner or Commissioner under section 245R(3) ; the period commencing from the date on which an application is made before the Authority for Advance Rulings under section 245Q(1) and ending with the date on which the advance ruling pronounced by it is received by the Principal Commissioner or Commissioner under section 245R(7); the period commencing from the date of annulment of a proceeding or order of assessment or reassessment referred to in section 153A(2) , till the date of the receipt of the order setting aside the order of such annulment, by the Principal Commissioner or Commissioner; the period commencing from the date on which a reference or first of the references for exchange of information is made by an authority competent under an agreement referred to in section 90 or section 90A and ending with the date on which the information requested is last received by the Principal Commissioner or Commissioner or a period of one year, whichever is less; he period commencing from the date on which a reference for declaration of an arrangement to be an impermissible avoidance arrangement is received by the Principal Commissioner or Commissioner under section 144BA(1) and ending on the date on which a direction under sub-section (3) or sub-section (6) or an order under sub-section (5) of the said section is received by the Assessing Officer; Section 153B has been amended, by inserting a new clause to provide for exclusion of the period (not exceeding 180 days) commencing from the date on which a search is initiated u/s 132 or requisition made u/s 132A and ending on the date on which the books of account or other documents, or any money, bullion, jewelry or other valuable article or thing seized u/s 132 or requisitioned u/s 132A, as the case may be, are handed over to the AO having jurisdiction over the assessee, in whose case such search is initiated u/s 132 or such requisitioned is made u/s 132A. These amendments will take effect retrospectively from 01.04.2021. (Amendment made by the Finance Act, 2022 [w.r.e.f. 01.04.2021])