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 ..... ubstituted: ] ] 59 [Provided also 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 un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) Notwithstanding anything contained in 80 [ sub-sections (1), (1A), (2), (3) and (3A) ] , where a reference under sub-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 Commi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of a firm, an assessment is made on a partner of the firm in consequence of an assessment made on the firm under section 147, on or before the expiry of twelve months 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 sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the date on which the report of the Valuation Officer is received by the Assessing Officer; or (vi) the period (not exceeding sixty days) commencing from the date on which the Assessing Officer 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 10 or clause (ii) or clause (iii) of sub-section (4) of section 12AB, as the case may be, is received by the Assessing Officer, ] shall be excluded: Provided that where immediately after the exclusion of the aforesaid period, the period 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 Settl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1-4-1989. Earlier sub-section (1) was substi-tuted by the Direct Tax Laws (Amendment) Act, 1987, with effect from the same date. Prior to its substitution, sub-section (1) [as it stood before its substitution by the Direct Tax Laws (Amendment) Act, 1987] was substituted by the Finance Act, 1968, w.e.f. 1-4-1968 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 m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1984, w.e.f. 1-10-1984. 26. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 27. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 28. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 29. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 27-9-1991. 30. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 31. Substituted for under section 250, 254, 260, 262, 263 or 264 by the Direct Taxes (Amendment) 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, bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the proceedings for the fresh assessment of total income, a reference under sub-section (1) of section 92CA- ( i ) is made before the 1st day of July, 2012, but an order under sub-section (3) of section 92CA has not been made before such date; or ( ii ) is made on or after the 1st day of July, 2012, the provisions of this sub-section shall, notwithstanding anything contained in the second proviso, have effect as if for the words one year , the words two years had been substituted ] ; 45. 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, ( iii ) the period commencing from the date 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 referenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceeding for the assessment of total income, a reference under sub-section (1) of section 92CA- ( i ) was made before the 1st day of June, 2007 but an order under sub-section (3) of that section has not been made before such date; or ( ii ) is made on or after the 1st day of June, 2007, the provisions of clause ( a ) shall, notwithstanding anything contained in the first proviso, have effect as if for the words two years , the words thirty-three months had been substituted. ] 42 [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 subsequent assessment year and during the course of the proceeding for the assessment of total income, a reference under sub-section (1) of section 92CA is made, the provisions of clause (a) shall, notwithstanding anything contained 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] f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13 [, (1A), (1B)]and (2), in relation to the assessment year commencing on the 1st day of April, 1971, and any subsequent assessment year, an order of fresh assessment in pursuance of an order under section 250 or section 254 or section 263 or section 264, setting aside or cancelling an assessment, may be made at any time before the expiry of one year from the end of the financial year in which the order under section 250 or 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 Chief Commissioner or] Chief Commissioner or 51 [Principal Commissioner or] Commissioner: Provided that where the order under section 250 or 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 Chief Commissioner or] Chief Commissioner or 51 [Principal Commissioner or] Commissioner, on or after the 1st day of April, 1999 but before the 1st d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), (1B)] and (2) shall not apply to the following classes of assessments, reassessments and recomputations which may, 17 [subject to the provisions of sub-section (2A),] be completed at any time- ( i ) 18 [***] ( ii ) where the assessment, reassessment or recomputation is made on the assessee or any person in consequence of or to give effect toany finding or direction contained in an order under section 250, 254, 260, 262, 263, or 264 19 [or in an order of any court in a proceeding otherwise than by way of appeal or reference under this Act] ; ( iii ) where, in the case of a firm, an assessment is made on a partner of the firm in consequence of an assessment made on the firm under section 147. 33 [ (4) Notwithstanding anything contained in the foregoing provisions of this section, sub-section (2) of section 153A and 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded with by it, the period commencing from the date on which such application is made and ending with the date on which the order under sub-section (1) of section 245D is received by the 51 [Principal Commissioner or] Commissioner under sub-section (2) of that section, 27 [or] 28 [( vi ) the period commencing from the date on which an application is made before the Authority 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 51 [Principal Commissioner or] Commissioner under sub-section (3) of section 245R, or ( vii ) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub-section (1) of section 245Q and ending with the date on which the advance ruling pronounced by it is received by the 51 [Principal Commissioner or] Commissioner under sub-section (7) of section 245R, 36 [or]] 46 [(viii) 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an order 32 [referred to in clause ( ii ) of sub-section (3)], any income is excluded from the total income of one person and held to be the income of another person, then, an assessment of such income on such other person shall, for the purposes of section 150 and this section, be deemed to be one made in consequence of or to give effect to any finding or direction contained in the said order, provided such other person was given an opportunity of being heard before the said order was passed. 53. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017 54. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017 55. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017 56. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of June, 2016 57. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of June, 2016 58. Substituted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017, before it was read as, 153B, 59. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 60. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as Authority for Advance Ru ..... X X X X Extracts X X X X X X X X Extracts X X X X
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