2. Intimation u/s 143(1)Intimation u/s 143(1)
Intimation should be sent within
one year from the end of the
Financial year in which the Return
was filed.
3. Assessment u/s 143 / 144Assessment u/s 143 / 144
Notice u/s 143(2) is to be served on
the assessee within a period of 6
months from the end of the financial
year in which the return is furnished
(w.e.f. 01.04.2008)- earlier one year
from end of month.
Order-2 Yrs from the end of the
relevant Asstt. Yr. in which the income
was first assessable(1 year & 9 months
for AY 2004-5 to 09-10).
4. Cases where reference has beenCases where reference has been
made to TPOmade to TPO
In Transfer Pricing Officer(TPO)
reference cases shall be
extended by 12 months.
5. (Re)Assessment u/s 147(Re)Assessment u/s 147
Time Limit for issue of notice u/s 148
Up to 4 years from
the end of the
relevant Asstt Year
Beyond 4 years but up to
6 years from the end of
the relevant Asstt Year
In cases
subject to
scrutiny u/s
143(3)/147
Assessment can be
reopened whatever
is the amount of
income escaped
If the escaped income is
Rs. 1,00,000 or more for
that year ( Approval of
CIT/CCIT required)
In other cases Assessment can be
reopened whatever
is the amount of
income escaped
If the escaped income is
Rs. 1,00,000 or more for
that year ( Approval of
JCIT/Addl.CIT required)
6. (Re)Assessment u/s 147-(Re)Assessment u/s 147-
Ss153(2)Ss153(2)
1 year from the end of FY of
service.
2 yrs for TPO cases
9 months/21 months for orders
served between 1/4/2005 to
31/3/2010.
7. Rectification u/s 154Rectification u/s 154
For filing petition – Within 4 years
from the end of the Financial Year, in
which the order sought to be rectified
was passed.
Where an application for rectification
is made by the assessee, on after
June 1, 2001, the AO shall pass the
order within 6 months from the end of
the month in which the application
was filed.
8. When order can be passed afterWhen order can be passed after
the Time Limitthe Time Limit
Circular No. 73, dtd January 7,
1972 :
The authorities making rectification are
authorised by the Board to dispose of
an application u/s 154 even after the
expiry of time-limit if a valid application
had been filed by the assessee within
the statutory time-limit but was not
disposed of by the concerned authority
within the time limit.
9. Fresh assessment where original
Assessment has been Set Aside/
Cancelled u/s 250/254/263/264(Ss 153(2A))
1 year from the end of the F.Y.
in which order of S.A. was
received / made by CIT
2 Yrs in TPO cases
For orders passed/received
between 1/4/2005 to
31/3/2011- 9 months/ 21
months.
10. Section 153(3)Section 153(3)
No Time Limit in the case of a Finding orNo Time Limit in the case of a Finding or
Direction in the following cases –Direction in the following cases –
a.a. Where the assessment, reassessment or
recomputation is made in consequence of or to
give effect to any finding or direction contained
in an order of appeal or revision under section
250,254,260, 262, 263 or 264 or in an order of
any Court in a proceeding otherwise than by
way of appeal or reference under the Act ;
b.b. 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
11. Revision u/s 263Revision u/s 263
To pass order within 2 years from the
end of the financial year in which the
order sought to be revised was passed.
Service of order is not included in the
time limit.
The period of limitation commences
from the date of order of assessment
and not from the date on which order of
re-assessment has been passed –
Ashoka Buildcon Ltd. Vs CIT[2010]
Taxman 29(Bom.)
12. Revision u/s 263Revision u/s 263
The time limit is not applicable in the case of
revisional order passed on the direction of the
Appellate Tribunal, the High Court or the
Supreme Court.
In computing the aforesaid period of
limitation, the time taken in giving an
opportunity to the assessee to be re-heard
under the proviso to section 129 and any
period during which any proceeding u/s 263 is
stayed by an order or injunction of any Court
shall be excluded.
13. Revision u/s 264Revision u/s 264
If the Commissioner Acts suo motu
u/s 264, the alleged order must be
revised within one year from the
date of the original order.
If the assessee refers to the CIT,
the application must be made within
1 year from the date of
communication of order, or the date
on which he otherwise came to
know, whichever is earlier.
14. Revision u/s 264Revision u/s 264
In such case, the CIT can pass an order
u/s 264 within 1 year from the end of
the Financial Year in which the
application for revision was made.
The time limit is not applicable in the
case of revisional order passed on the
direction of the Appellate Tribunal, the
High Court or the Supreme Court.
15. Revision u/s 264Revision u/s 264
In computing the aforesaid period of
limitation, the time taken in giving
an opportunity to the assessee to
be re-heard under the proviso to
section 129 and any period during
which any proceeding u/s 263 is
stayed by an order or injunction of
any Court shall be excluded.
16. Section 153B provides for the time limit for
completion of search assessments. It provides
that the Assessing Officer;
i. shall make an order of assessment or
reassessment in respect of each assessment
year, falling within six assessment years under
section 153A within a period of 2yrs/21 months
(1/4/2005 to 31/3/2009)from the end of the
financial year in which the last of the
authorizations for search under section 132 or
for requisition under section 132A was executed.
TIME LIMITS FOR COMPLETION OFTIME LIMITS FOR COMPLETION OF
ASSESSMENT U/S 153B:ASSESSMENT U/S 153B:
17. Exclusion from TIME LIMITS FOR COMPLETIONExclusion from TIME LIMITS FOR COMPLETION
OF ASSESSMENT U/S 153B(Explanation):OF ASSESSMENT U/S 153B(Explanation):
a. the period during which the assessment
proceeding is stayed by an order or injunction
of any Court; or
b. the period commencing from the day on which
the Assessing Officer directs the assessee to
get his accounts audited under sub-section (2A)
of section142 and ending on the day on which
the assessee is required to furnish a report of
such audit under that sub-section, or
18. c. the time taken in opportunity to the
assessee of being reheard under the
proviso to section 129, or
19. Application made before the Settlement
Commission under section 245C is
rejected, the period commencing on the
date on which such application is made
and ending with the date on which the
order under subsection (1) of section
245D is received by the Commissioner
under sub-section (2) of that section
20. SETTLEMENT CASESSETTLEMENT CASES
The time limits under section
153 shall not apply to the order
of the settlement commission or
any order of assessment,
reassessment or re-computation
required to be made by the
assessing officer if the
settlement commission directs to
do so.
21. Penalty Ss 275
Within the year of initiation
6 month from end of month of
ITAT/CIT order- whichever later
In CIT Appeal cases (appeal order
passed on or after 1/6/2003) one
year from the end of year of receipt
of order.
