TMI BlogTime limit for completion of assessment, reassessment and recomputation.X X X X Extracts X X X X X X X X Extracts X X X X ..... o that in respect of an order of assessment relating to the assessment year commencing on 74 [ **** ] the 1st day of April, 2021, the provisions of this sub-section shall have effect, as if for the words twenty-one months , the words nine months had been substituted. ] 75 [ Provided also that in respect of an order of assessment relating to the assessment year commencing on or after the 1st day of April, 2022, the provisions of this sub-section shall have effect, as if for the words twenty-one months , the words twelve months had been substituted. ] 64 [ (1A) Notwithstanding anything contained in sub-section (1), where a return under sub-section (8A) of section 139 is furnished, an order of assessment under section 143 or section 144 may be made at any time before the expiry of 76 [ twelve months ] from the end of the financial year in which such return was furnished. ] (2) No order of assessment, reassessment or recomputation shall be made under section 147 after the expiry of nine months from the end of the financial year in which the notice under section 148 was served. 54 [ Provided that where the notice under section 148 is served on or after the 1st day of April, 2019, the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b-section (1) of section 92CA is made during the course of the proceeding for the assessment or reassessment, the period available for completion of assessment or reassessment, as the case may be, under the said 80 [ sub-sections (1), (1A), (2), (3) and (3A) ] shall be extended by twelve months. (5) Where effect to an order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264 is to be given by the Assessing Officer, 67 [ or the Transfer Pricing Officer, as the case may be, ] wholly or partly, otherwise than by making a fresh assessment or reassessment 68 [ or fresh order under section 92CA, as the case may be, ] , such effect shall be given within a period of three months from the end of the month in which order under section 250 or section 254 or section 260 or section 262 is received by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, as the case may be, the order under section 263 or section 264 is passed by 81 [ the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, as the case may be, ] : Provided that where it is not possible for the Assessing Of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the end of the month in which the assessment order in the case of the firm is passed. (7) Where effect to any order, finding or direction referred to in sub-section (5) or sub-section (6) is to be given by the Assessing Officer, within the time specified in the said sub-sections, and such order has been received or passed, as the case may be, by the income-tax authority specified therein before the 1st day of June, 2016, the Assessing Officer shall give effect to such order, finding or direction, or assess, reassess or recompute the income of the assessee, on or before the 31st day of March, 2017. (8) Notwithstanding anything contained in the foregoing provisions of this section, sub-section (2) of section 153A or sub-section (1) of section 153B, the order of assessment or reassessment, relating to any assessment year, which stands revived under sub-section (2) of section 153A, shall be made within a period of one year from the end of the month of such revival or within the period specified in this section or sub-section (1) of section 153B, whichever is later. (9) The provisions of this section as they stood immediately before the commencement of the Finance Act, 2016, shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received the declaration under sub-section (1) of section 158A and ending with the date on which the order under sub-section (3) of that section is made by him; or (vii) 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 under sub-section (1) of section 245D is received by the Principal Commissioner or Commissioner under sub-section (2) of that section; or (viii) the period commencing from the date on which an application is made before the 60 [ Authority for Advance Rulings or before the Board for Advance Rulings ] under sub-section (1) of section 245Q and ending with the date on which the order rejecting the application is received by the Principal Commissioner or Commissioner under sub-section (3) of section 245R; or (ix) the period commencing from the date on which an application is made before the 61 [ Authority for Advance Rulings or before the Board for Advance Rulings ] under sub-section (1) of section 245Q and ending wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d of limitation referred to in sub-sections (1), (2) 86 [ sub-sections (1), (1A), (2) ] , (3) and sub-section (8) available to the Assessing Officer for making an order of assessment, reassessment or recomputation, as the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly: Provided further that where the period available to the Transfer Pricing Officer is extended to sixty days in accordance with the proviso to sub-section (3A) of section 92CA and the period of limitation available to the Assessing Officer for making an order of assessment, reassessment or recomputation, as the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly: Provided also that where a proceeding before the Settlement Commission abates under section 245HA, the period of limitation available under this section to the Assessing Officer for making an order of assessment, reassessment or recomputation, as the case may be, shall, after the exclusion of the period under sub-se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and later on amended by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 2. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006. 3. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007. 4. Sub-sections (1A) and (1B) inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 5. Substituted for two years by the Finance Act, 2006, w.e.f. 1-6-2006. 6. Substituted for one year by the Finance Act, 2006, w.e.f. 1-6-2006. 7. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 8. Substituted for two years by the Finance Act, 2001, w.e.f. 1-6-2001. 9. Proviso substituted by the Finance Act, 2001, w.e.f. 1-6-2001. Prior to its substitution, proviso read as under : Provided that where the notice under section 148 was served on or before the 31st day of March, 1987, such assessment, reassessment or recomputation may be made at any time up to the 31st day of March, 1990. 10. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006. 11. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007. 12. Substituted by the Finance Act, 2001, w.e.f. 1-6-2001. Prior to its substitution, sub-section (2A), as inserted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971 and later on amend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment) Act, 1964, w.e.f. 6-10-1964. 32. Substituted for under section 250, 254, 260, 262, 263 or 264 by the Direct Taxes (Amendment) Act, 1964, w.e.f. 6-10-1964. 33. Inserted by the Finance Act, 2008, w.e.f. 1-6-2003. 34. Substituted for (2) and (2A) , by Finance Act, 2008, w.e.f. 1-6-2003. 35. Inserted by the Finance Act, 2008, w.e.f. 1-6-2007. 36. Inserted vide Finance Act, 2011 w.e.f. 1.6.2011 37. Inserted vide Finance Act, 2011 w.e.f. 1.6.2011 38. Substituted vide Finance Act, 2012, w.e.f. 01-07-2012, before it was read as:- on the 1st day of April, 2004 or any subsequent assessment year 39. Substituted vide Finance Act, 2012, w.e.f. 01-07-2012, before it was read as:- on the 1st day of April, 2005 or any subsequent assessment year 40. Inserted vide Finance Act, 2012, w.e.f. 01-07-2012, 41. Substituted vide Finance Act, 2012, w.e.f. 01-07-2012, before it was read as:- six months 42. Substituted vide Finance Act, 2013, and shall be deemed to have been substituted w.e.f. 1st day of July, 2012 , before it was read as, 40 [Provided also that in case the assessment year in which the income was first assessable is the assessment year commencing on the 1st day of April, 2009 or any sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on which the 22 [Assessing] Officer directs the assessee to get his accounts audited under sub-section (2A) of section 142 and ending with 23 [the last date on which the assessee is required to furnish] a report of such audit under that sub-section, or 46. Substituted vide Finance Act, 2013, and shall be deemed to have been substituted w.e.f. 1st day of June, 201 3, before it was read as, 37 [(viii) the period commencing from the date on which a reference 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 so requested is received by the Commissioner or a period of 41 [ one year ] , whichever is less,] 47. Omitted vide Finance Act, 2013 w.e.f. April 1, 2013, before it was read as, 40 [ ( ix ) the period commencing from the date on which a reference for declaration of an arrangement to be impermissible avoidance arrangement is received by the Commissioner under sub-section (1) of section 144BA 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 Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned in the first proviso, have effect as if for the words two years , the words three years had been substituted.] 4 [(1A) No order of assessment shall be made under section 115WE or section 115WF at any time after the expiry of 5 [twenty-one months] from the end of the assessment year in which the fringe benefits were first assessable. (1B) No order of assessment or reassessment shall be made under section 115WG after the expiry of 6 [nine months] from the end of the financial year in which the notice under section 115WH was served.] 7 [(2) No order of assessment, reassessment or recomputation shall be made under section 147 after the expiry of 8 [one year] from the end of the financial year in which the notice under section 148 was served : 9 [Provided that where the notice under section 148 was served on or after the 1st day of April, 1999 but before the 1st day of April, 2000, such assessment, reassessment or recomputation may be made at any time up to the 31st day of March, 2002 :] 10 [Provided further that where the notice under section 148 was served on or after the 1st day of April, 2005, 40 [ but before the 1st day of April, 2011 ] the provisions of this sub-section shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [Principal Commissioner or] Commissioner, on or after the 1st day of April, 1999 but before the 1st day of April, 2000, such an order of fresh assessment may be made at any time up to the 31st day of March, 2002 :] 14 [Provided further that where the order under section 254 is received by the 51 [Principal Chief Commissioner or] Chief Commissioner or 51 [Principal Commissioner or] Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the 51 [Principal Commissioner or] Commissioner on or after the 1st day of April, 2005, 40 [ but before the 1st day of April, 2011 ] the provisions of this sub-section shall have effect as if for the words one year , the words nine months had been substituted:] 15 [Provided also that where the order under section 254 is received by the 51 [Principal Chief Commissioner or] Chief Commissioner or 51 [Principal Commissioner or] Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the 51 [Principal Commissioner or] Commissioner on or after the 1st day of April, 2006, 40 [ but before the 1st day of April, 2010 ] and during the course of the proceedings for the fresh assessment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation for the purposes of this section- ( i ) the time taken in reopening the whole or any part of the proceeding or in giving an opportunity to the assessee to be re-heard under the proviso to section 129, or ( ii ) the period during which the assessment proceeding is stayed by an order or injunction of any court, or 21 [( iia ) the period commencing from the date on which the Assessing Officer intimates the Central Government or the prescribed authority, the contravention of the provisions of clause ( 21 ) or clause ( 22B ) or clause ( 23A ) or clause ( 23B ) or sub-clause ( iv ) or sub-clause ( v ) or sub-clause ( vi ) or sub-clause ( via ) of clause ( 23C ) of section 10, under clause ( i ) of the proviso to sub-section (3) of section 143 and ending with the date on which the copy of the order withdrawing the approval or rescinding the notification, as the case may be, under those clauses is received by the Assessing Officer;] 45 [(iii) the period commencing from the date on which the Assessing Officer directs the assessee to get his accounts audited under sub-section (2A) of section 142 and- (a) ending with the last date on which the assessee is required to furnish a report of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... angement to be an impermissible avoidance arrangement is received by the 51 [Principal Commissioner or] Commissioner under sub-section (1) of section 144BA 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,] shall be excluded : 29 [Provided that where immediately after the exclusion of the aforesaid time or period, the period of limitation referred to in sub-sections (1), 30 [(1A), (1B),] 34 [ (2), (2A) and (4) ] available to the Assessing Officer for making an order of assessment, reassessment or recomputation, as the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly.] 35 [Provided further that where a proceeding before the Settlement Commission abates under section 245HA, the period of limitation available under this section to the Assessing Officer for making an order of assessment, reassessment or re-computation, as the case may be, shall, after the exclusion of the period under sub-section (4) of section 245HA, be not less than one ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ril, 2019, the provisions of this sub-section shall have effect, as if for the words twenty-one months , the words twelve months had been substituted. 64. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 65. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 66. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 67. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 68. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 69. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 70. Substituted vide Finance Act, 2022 w.e.f. 01-04-2022 before it was read as sub-sections (3) and (5) 71. Substituted vide Finance Act, 2022 w.e.f. 01-04-2022 before it was read as or sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, under clause (i) of the proviso 71A. It appears that the words of section 10 were inadvertently missing in the amendment clause of the Section 48 of the Finance Act, 2022 . it was giving wrong picture hence, included, subject to verification. 72. Substituted vide Finance Act, 2022 w.e.f. 01-04-2021 before it was read as Assessing Officer, 73. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 74. Omitted vide THE FINANCE ACT, 2023 d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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