Time Limits PPT presentation (Satish) (2).pdf

1. VARIOUS TIME LIMITS
IN INCOME TAX ACT
SATISH KUMAR BHADANI
INCOME TAX OFFICER
MSTU, NASHIK

2. Various Sections under which ITR is filled
139 (1) - Normal Return
139 (3) – Return of Loss
139 (4) – Belated Return
142(1) – Directions by AO to file the ROI
148 – Re-assessment of Income U/s 147 including search, Survey and
Requisition case
139 (5) – Revised Return
a. Non Auditable case; 31st July
b. Auditable case and Company along with Working Partner in firm: 31st October
c. Related to International Taxation and Transfer pricing: 30th Novemeber
d. Belated Return u/s 139(4): 3 month Prior to end of relevant A.Y. i.e. 31st December
or before completion of assessment, which ever is earlier.
e. Revised Return u/s 139(5): 3 month Prior to end of relevant A.Y. i.e. 31st December
or before completion of assessment, which ever is earlier.
Updated return u/s 139(8A): Any person irrespective
of the fact whether such person has already filed the
original, belated or revised return for the
relevant assessment year or not.
An updated return can be filed at any time
within 24 months from the end of the
relevant assessment year.

3. Section 33AB
Sec.33AB : Deals with
manufacturing or cultivation
of tea, coffee, or rubber,
Eligible for deduction a
certain amount in specified
account.
Time period of deposit:
a. Before the completion of six
months from the end of the
preceding year / Six months from
the end of the financial year in
which assesse claim the
deduction. or
b. The due date for filing Income
Tax Return (ITR).
Whichever is earlier should be
taken as the period to deposit
the amount.
Case-1: a. Before the completion of six months from
the end of the preceding year: 30th September 2023.
b. The due date for filing Income Tax Return (ITR): 31st
July 2023.
The earlier of the two is 31st July 2023. Hence, you
must deposit the amount in the ‘special account’ or
the ‘deposit account’ by 31st July 2023.
Applicable to the assessee not covered in Case-2 & 3
Claiming the deduction in the 2023–24 fiscal year

4. Case-2: a. Before the completion of six months from the end of the preceding year: 30th September
2023
b. The due date for filing Income Tax Return (ITR): 31th October 2023.
Hence, deposit the amount in the ‘special account’ or the ‘deposit account’ by 30th September 2023.
This scenario is applicable to following assessee
Company and Every person other than company whose books of account are required to be audited under
Income tax Act or any other law.
Case-3: a. Before the completion of six months from the end of the preceding year: 30th September 2023
The due date for filing Income Tax Return (ITR): 30th November 2023.
The earlier of the two is 30th September 2023. Hence, deposit the amount in the ‘special account’ or the
‘deposit account’ by 30th September 2023.
This scenario is applicable to following assessee
Assessee who is required to filed the report u/s 92E for
Deduction u/s 33AB shall not be allowed unless the books of accounts of the
assessee is audited by a chartered accountant before the due date of audit.

5. Section 44AB
• Getting accounts audited by accountant and
furnishing report.
• One month prior to due date of furnishing the
return of income under section 139(1).
Due date of furnishing return: 31st October
Due date for Audit: 30th September

6. Challenging Assessing Officer's jurisdiction
• Where a return is made us 139(1),
– before expiry of 1 month from the date on which a notice
under section 142(1) or 143(2) is served
– or before the completion of assessment, whichever is earlier.
• Where no return is made before the expiry of time allowed
– by notice under section 142(1) or
– under section 148 for making the return or
– under section 144 for showing cause why best judgment assessment
should not be made, whichever is earlier
Section: 124(3)

7. Retention of impounded books or documents
• Not more than 15 days (exclusive of holidays) without
obtaining the approval of CCIT/DGIT /CIT/DIT/Pr. CCIT/Pr. DGIT
/Pr. CIT/Pr. DIT
Section: 131(3)

8. Retaining books of account or other documents seized
under section 132(1) or 132(1A)
• If books of accounts or other documents seized u/s 132(1) or
132(1A) by the AO (Authorises Officer), without the approval
of CCIT/CIT/DGIT or DIT/Pr.CCIT/Pr. CIT/Pr.DGIT/Pr.DIT.
• Not more than 180 days [30 days from the date of assessment
order under section 153A or section 158BC(c)]
Section 132(8)

9. Passing of order u/s 132(3) remain in force
• Period for which order passed under section 132(3) to remain
in force.
• 60 days from the date of order.
Section: 132(8A)

10. Handing over of books, etc., to ITO having
jurisdiction
• 60 days from date on which last of authorisations for search
was executed.
Section: 132(9A)

11. Provisional attachment of property for protecting
interest of revenue
• Within 60 days from the date on which the last of the
authorisations for search was executed (applicable from
April 1, 2017)
Section 132(9B)

12. Expiry of provisional attachment order made
under section 132(9B)
• After the expiry of 6 months from the date of such order
(applicable from April 1, 2017)
Section 132(9C)

13. Making a reference to valuation officer to estimate fair
market value of property
• Within 60 days from the date on which the last of the
authorisations for search was executed (applicable from April 1,
2017)
Section 132(9D)

14. Release of assets seized after recovery of existing
liability
• Within 120 days from date on which last of the
authorisations/requisitions under section 132/132A was
executed.
Section : 132B(1)

15. Retention by income-tax authority of impounded
books of account
• Retention by income-tax authority of impounded books of
account, documents without approval of
CCIT/DGIT/Pr.CCIT/Pr.DGIT
• Not more than 15 days (exclusive of holidays).
Section: 133A(3)

16. Filing of Return of Income u/s139(1)
(a) Filing of return by any company other than
covered in (c) below
October 31st of the assessment year
b) Filing return of income by any noncorporate
taxpayer other than covered in (c) below :
(i) in the case where accounts are to be
audited or where accounts of the firm in
which taxpayer is a working partner are
required to be audited or the spouse of such
partner if the provisions of section 5A apply
October 31st of relevant assessment year
(ii) in other cases July 31 of relevant assessment year

17. (c) Filing of return where a
taxpayer (corporate/non-
corporate including partners of
the Firm) is required to furnish a
report in Form No. 3CEB under
section 92E
November 30 of the assessment
year

19. Section 139(4C)
Filing return by every
(a) research association referred to in section 10(21),
(b) news agency referred to in section 10(22B),
(c) association or institution referred to in section 10(23A),
(d) institution referred to in section 10(23B),
(e) fund/institution/trust/university/other educational institution/ medical
institution referred to in subclause (iiiad), (iiiae), (iv), (v), (vi) or (via) of
section 10(23C),
(ea) Mutual Fund referred to in section 10(23D),
(eb) Securitization Trust referred to section 10(23DA),
(ec) venture capital company or venture capital fund referred to in section
10(23FB),
(f) trade union/association referred to in sub-clause (a) or (b) of section 10(24),
(g) anybody /trust /authority referred to in section 10(46) and (h) infrastructure
debt fund referred to in section 10(47), if the total income without giving effect to
the provisions of section 10 exceeds the maximum amount not chargeable to tax
Within time allowed under section 139(1)

20. Section 139(4D)
• Filing return by every university, college or other institution
referred to in section 35(1)(ii) and 35(1)(iii) which is not
required to furnish return of income or loss under any other
provisions.
• Within time allowed under section 139(1)

21. Section 139(4E)
• Filing return of income by every business trust which is not
required to file return of income or loss under any other
provisions.
• Within time allowed under section 139(1)

22. Revised Return of Income Section 139(5)
• Any time before 3 months prior to end of the
relevant assessment year or before the
completion of assessment, whichever is
earlier.

23. Filing of Updated return of Income Under Section 139(8A)
• Budget 2022 has introduced the new section 139(8A) in Income Tax Act,
1961.
• Section 139(8A) enables the filing of "Updated Return" (aka. ITR-U) by
the taxpayers. Section 139(8A) has come into effect from 01st Apr 2022.
• Updated Returns can be filed by the taxpayers who have not filed the
return or have filed the returns u/s 139(1)- Original, 139(4)-Belated
and 139(5)-Revised.

24. Updated Return
Persons eligible for filing Updated Return
• All persons (Individual, HUF, Firms/LLP,
Companies, AOP, BOI etc): The
following criteria reburied to file the
updated returns
• Only if the taxpayer has not filed the
return of income earlier or there are
errors/omissions in original filed return.
• Only if the taxpayer has to disclose any
additional income which was missed
earlier and should pay additional taxes.
Persons not eligible for filing Updated
Return
• If it is Return of Loss.
• If it has the effect of decreasing the tax liability or
increasing the refund.
• A search has been initiated u/s 132 or books of accounts
or other documents or any assets are requisitioned u/s
132(A).
• A Survey has been conducted u/s 133A other than Section
133A(2A).
• If any Assessment is pending or completed.
• If Assessing Officer has information about the assessee
under specified acts .
• If any information has been received u/s 90 or 90A and
same has been communicated to him before the date of
furnishing updated return.
• If any Prosecution proceedings have been initiated before
the date of furnishing updated return.
• If the taxpayer belongs to such class of persons as notified
by board.

25. Time Limit to file Updated Returns
• Within 24 months from the end of the relevant assessment
year.
• For AY 2021-22 (FY 2020-21): The due date for filing updated
return is 31st Mar 2024.
• For AY 2022-23 (FY 2021-22): The due date for filing updated
return is 31st Mar 2025.

26. Penalty / Additional Tax Payable
• Updated return can be filed only with the penalty. The penalty
for filing Updated return is as follows:
• Filed within 12 months from the end of relevant assessment year:
Penalty is 25% of aggregate of tax and interest payable on filing of
updated return.
• Filed after 12 months from the end of relevant assessment year:
Penalty is 50% of aggregate of tax and interest payable on filing
on updated return
• Note: Section 140B provides for payment and computation of tax,
interest, fee and additional income tax on updated return

27. • IMPORTANT NOTE: As a result of furnishing of an 'updated'
return for any financial year, if the following is reduced for any
subsequent year, then the person shall be required to file an
'updated' return for each subsequent year that was filed.
– Loss or any part thereof carried forward under Chapter VI; or
– Unabsorbed depreciation carried forward under Section 32(2); or
– Tax credit carried forward under Section 115JAA; or
– Tax credit carried forward under Section 115JD

28. Rectifying defect in return of income
• Within 15 days from date of intimation by Assessing Officer or
extended time.
Section: 139(9)

29. Filing application for allotment of permanent account number
u/s 139A
• Section 139A of the Act provides for mandatory obtaining of a Permanent
Account Number (PAN). Sub-section (1) of the said section provides that certain
persons in the following circumstances shall obtain PAN from the income-tax
department-
1. If the total income exceeds Rs. 2,50,000
2. If total sales, turnover or gross receipts of the business or profession exceeds Rs.
5 Lakh
3. Where return of income is mandatorily required to be furnished under section
139(4A)
4. Where an employer is mandatorily required to furnish a return of fringe benefits
(the provisions related to fringe benefits under the Act have since been withdrawn)
under section 115WD
5. If entered into a financial transaction of Rs. 2,50,000 or more in a financial year
6. Managing Director, Karta, partner, trustee, principal officer, etc. and lastly,
7. Such other transactions as the Board may prescribe.

30. • Section 139(6A) of the Act provides for mandatory quoting of PAN or
Aadhaar number in the prescribed transactions and authentication of such
PAN or Aadhaar number in the prescribed manner.
• The Board has prescribed Rule 114 in the Rules to prescribe for the forms and
the procedure for obtaining PAN from the income-tax department.
• Amendment No. 1
• The said rule 114 is amended to apply for PAN if any person intends to
undertake any prescribed transactions as per clause (vii) of section
139A.
• A new clause (vii) is inserted in rule 114(3) to prescribe that any
person intending to enter into any transaction prescribed under
clause (vii) of sub-section (1) of section 139A shall at least 7 days
before the date of the transaction apply for allotment of PAN in the
prescribed form and manner.

31. • Amendment No. 2: Further, the Board has prescribed transactions under
clause (vii) of sub-section (1) of section 139A and for this purpose, a new
Rule 114BA is inserted in the Rules.
• The following transactions have been notified or prescribed under
section 139A(1)(vii) by rule 114BA-
1. Deposit of aggregate cash of Rs. 20 Lakh or more in a financial year in one or
more accounts of the person maintained with a bank, co-operative bank or a Post Office.
• All the cash deposits into all the bank accounts of the person in a financial year will
be aggregated to calculate the threshold limit of Rs. 20 Lakh.
2. Withdrawal of aggregate cash of Rs. 20 Lakh or more in a financial year in
one or more accounts of the person maintained with a bank, co-operative bank or a Post
Office.
• All the cash withdrawals from all the bank accounts of the person in a financial year
will be aggregated to calculate the threshold limit of Rs. 20 Lakh.
3. Opening of a current account or cash credit account by a person with a bank,
co-operative bank or a Post Office.
• This criterion is based on activity rather than monetary transactions.

32. • Amendment No. 3: A new rule 114BB is inserted to prescribe the person who
shall ensure that the PAN is quoted in the documents pertaining to these
transactions and the same is authenticated as per the provisions of section
139(6A).
• In case cash is deposited or withdrawn from a bank account or a co-operative bank
account for Rs. 20 Lakh or more or in case of opening a current account or cash
credit account with a bank account or a co-operative bank account, then the notified
person is the bank or the co-operative bank which shall ensure that PAN is quoted in
the documents and is authenticated.
• In case cash is deposited or withdrawn from a post office account for Rs. 20 Lakh or
more or in case of opening a current account or cash credit account with the Post
Office, then the notified person is the Post Master General which shall ensure that
PAN is quoted in the documents and is authenticated.
• Rule 114BB shall come into force from 10th July, 2022 i.e. after the expiry of
60 days from publication of this notification in the Official Gazette.
• It is noteworthy that Rule 114B already mandates quoting of PAN for opening
a bank account with a bank and cash deposits in excess of Rs. 50,000 in a day.

33. Payment of Self Assessment Tax U/s 140A(1)
(i) Payment of income-tax on self-assessment
(ii)Payment of interest and fee on tax due for filing
belated return or default or delay in payment of
advance tax.
Before furnishing return of Income

34. If a person has not filed his return of income within the time
allowed u/s 139(1) of the Act.
• Where a person has not made a
return of income before the end of
the relevant assessment year, the AO
may serve a notice requiring him to
furnish return of income.
• Notice referred to above served after
the end of the relevant assessment
year commencing on or after 1st
April, 1990 shall be deemed to be a
notice served in accordance with the
provisions of the Act.
Section : 142(1)(i)
• After the end of relevant assessment
year
• If Assessee fails to responded to notice issued
u/s 142(1)(i), then AO can make Best Judgment
Assessment u/s 144.

35. Special Audit
• At any Stage of proceedings pending before AO,
notice for SPECIAL AUDIT can be issued, but not
after completion of proceedings.
• Aggregate time period of furnishing report post
extension, if any granted by AO shall not exceed
180 days from the original date of direction
received by the Assessee.
• AO to consider
– nature and complexity of the accounts,
– volume of accounts,
– doubts about correctness of accounts,
– multiplicity of transactions in the accounts or
– specialized nature of business activity of the
Assessee and interest of the Revenue.
Sec 142(2A)
No Appeal can be filed against
direction for audit, only WRIT
PETITION and thereafter
SPECIAL LEAVE PETITION.
➢Prior approval of the Principal Chief
Commissioner or Chief Commissioner or
Principal Commissioner or Commissioner is
required to obtain by AO.
➢AO shall not Direct the Assessee to get the
accountants so audited unless the Assessee has
been given a reasonable opportunity of being
heard

36. Sending report by the Valuation Officer to the
Assessing Officer
• Within 6 months from the end of the month in which a
reference is made by the Assessing Officer under section
142A(1)
Section: 142A(6)

37. Intimation u/s 143(1)
• Acknowledgement (ITR V) shall be deemed as Intimation in case
where no sum is payable, refundable and where no adjustment
has been made u/s 143(1).
• Before expiry of 9 months from end of financial year in which
return is made.

38. Intimation u/s 143(1)(a)
• Sending objection in response to intimation for adjustments
under section 143(1)(a).
• Within 30 days of issue of such intimation (Applicable w.e.f.
Assessment year 2017-18)

39. Intimation u/s 143(2) Notice for making Scrutiny Assessment
under Sec 143(3)
• Serving notice in case of understatement of income or under
payment of tax for hearing for regular assessment/limited
scrutiny assessment.
• Before expiry of 3 months from end of financial year in which
return is furnished.
• Example: For Financial Year 2022-23 return was filed on 31st August
2022. Due date of service of notice u/s 143(2) was 30th June 2023 i.e. 3
months from the end of F.Y. i.e. 31.03.2023.
Notice under this section can only be
made, when assessee has filed ROI or in
response to the notice issued under section 142(1).

40. Section 144BA(2)
• Furnishing objection by taxpayer to notice of
invoking GAAR provisions by Commissioner
(applicable from 1-4-2016).
• Within such period (but not exceeding 60 days) as
specified in the notice.

41. Section 144BA(13)
• Issuing direction by Approving
Penal under under section
144BA(4) of an agreement as an
impermissible avoidance
arrangement under Chapter X-A
(applicable from 1-4-2016)
• Within 6 months from the end of
the month in section 144BA(6) in
respect of the declaration which
the reference was received from
the Principal Commissioner or
Commissioner

42. Section 144C(2)
• Filing of response by eligible
taxpayer by
(a) acceptance of variations to
Assessing Officer, or Order
(b) filing his objections, if any, to
such variation with the Dispute
Resolution Panel and the
Assessing Officer
• Within 30 days of receipt by
taxpayer o.f draft

43. Section 144C(4)
• Passing of assessment order
under section 144C(3)
• Within one month from end of
month in which acceptance is
received or period of filing
objections under section 144C(2)
expires.

44. Section 144C(12)
• Issue of directions under section
144C(5)
• Within 9 months from end of
month in which draft order is
forwarded to eligible taxpayer.

45. Section 144C(13)
• Completion of assessment on
receipt of directions issued under
section 144C(5)
• Within one month from end of
month in which such direction is
received

46. Reopening of Assessment u/s148A
• Furnishing of reply in response to
show cause notice issued.
• Passing order by AO whether or
not it is a fit case to issue notice
under section 148
• Not less than 7 days but not
exceeding 30 days from date of
issue of notice.
• Within 1 month from end of the
month in which the reply referred
to in section 148A(c) is received by
AO. If no reply is furnished, such
order can be passed within 2
months from end of month in
which time or extended time
allowed to furnish a reply as per
section 148A(b) expires.

47. Section 149(1)
If the escaped assessment amounts to or likely to amounts to—
(i)less than Rs. 50,00,000 Within 3 years assessment year
from end of relevant
(ii) Rs. 50,00,000 or more Within 10 years assessment year
from end of relevant
Issuing of Notice under section 148 of the Income Tax Act.

48. No Time limit for issuance of notice under Sec 148
• Notice under Sec 148 can be issued at any time for the purpose of
making assessment or reassessment or recompilation in consequence of
or
– to give effect to the finding or
– direction contained in an order passed by any authority in any proceeding under
this Act by way of appeal,
– reference or revision or
– by a court in any proceeding under any other law.
Sec. 150
No Time limit

49. Time limit for making Assessment Order U/s 143 or U/s144
a) Within 9 months from end of the assessment year in which income was
first assessable. [Applicable for assessment year 2021-22]
Due date : 31st Dec. 2022
b) Within 12 months from end of the assessment year in which income was
first assessable. [Starting from assessment year 2022-23 and onwards]
Due Dated: 31st March 2024
Section -153(1)

50. Cases where reference has been made to TPO
• In the case if the case was referred to the Transfer Pricing
Officer(TPO) in this case the same will be extended to further
12 months.
• If return has been furnished under section 139(8A), the order of
assessment shall be passed within 9 months from the end of
financial year in which such return was furnished.

51. Time-limit for completion of assessment u/s. 147
1. Within 9 months from the end of the financial year in which the notice
under section 148 was served (if notice is served before 01-04-2019)
2. 12 months from the end of the financial year in which notice under
section 148 is served (if notice is served on or after 01-04-2019).
Date of service of Notice u/s 148 is very crucial in this case:
eg. Notice u/s 148 served after 01.04.2022 :
End of F.Y. : 31.03.2023 Due dated for re-Assessment: 31.03.2024
Note:- If reference is made to TPO, the period available for assessment
shall be extended by 12 months.
• Sec. 153(2)

52. Fresh assessment in pursuance of an order u/s 254, 263 or 264 setting aside or
cancelling an assessment order
a. Before expiry of 9 months from the end of the financial year in which order under
section 254 is received by-
– Principal Chief Commissioner or
– Chief Commissioner or - Principal Commissioner or
– Commissioner or, -
– as the case may be an order under section 263/264 is passed by Principal
Commissioner or Commissioner
b. Within 12 months from the end of the financial year in which order under section 254 is
received or order under section 263 or 264 is passed by the authority. [if order is passed
on or after financial year 2019-20]
Note: If reference is made to TPO, the period available for assessment shall be extended
by 12 months.
Sec 153(3)

53. Section 153(5)
• Giving effect to an order [under
Section
250/254/260/262/263/264] by
AO (or TPO) wholly or partly,
otherwise than by making a fresh
assessment or reassessment (or
order under section 92CA)
• Within a period of 3 months from the end of the
month in which order is received by –
– Principal Chief Commissioner or –
– Chief Commissioner or –
– Principal Commissioner or [As
amended by Finance Act, 2022] -
Commissioner, - As the case may be
the order under Section 263/264 is
passed by the Principal
Commissioner or Commissioner

54. Note
1) If it is not possible to give effect to such order within the
aforesaid period, the Principal Commissioner or Commissioner
may allow an additional period of 6 months to AO.
2) If verification on any issue was required by way of submission
of any document or where an opportunity of being heard is to
be provided to assessee. Then order shall be made within the
time specified in 153(3) [Inserted by Finance Act 2017, w.e.f.
1.6.2017

55. Section 153(5)
• Where an order under section
250/254/260/262/263/264
requires verification of any issue
by way of submission of any
document by the assesse or any
other person or where an
opportunity of being heard is to
be provided to the assesse
• Time- limit of section 153(3) will
apply (wef June 1, 2016)

56. Section 153(5A)
• Modification by the AO of an
order of assessment/
reassessment in conformity with
TPO’s order giving effect to an
order/direction under section
263/92CA
• Within 2 months from the end of
the month in which such order of
TPO is received by the AO

57. Section 153(6)(i)
• An order of assessment,
reassessment or recomputation
on assessee or any person in
consequence of or to give effect
to any finding or direction
contained in
- An order under Section
250/254/260/262/263/264 or
- An order of any court in a
proceedings otherwise than by
way of appeal or reference
• Within 12 months from the end of
the month in which such order is
received or passed by the
Principal Commissioner or
Commissioner, as the case may be

58. Section 153(6)(ii)
• An order of assessment on a
partner of the firm in
consequence of an assessment
made on the firm under Section
147.
• Within 12 months from the end
of the month in which the
assessment order in case of firm
is passed.

59. Section 153
• Passing of assessment or
reassessment order where
assessee exercise option to
withdraw pending application
before Settlement Commission
under section 245M.
• One year after the exclusion of
the period under section
245M(5) and where such period
of limitation is less than one year,
it shall be deemed to have been
extended to one year

60. Rectification 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.
• Income Tax Authority referred to in Sec 116 may amend any order passed by it, any
intimation or deemed intimation u/s 143(1) or amend any intimation passed u/s
200A or u/s 206CB.
• 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.
• If order is not passed within 6 months, then the rectification application shall be
deemed to be allowed in favour of assessee

61. When order can be passed after the Time Limit
• Circular No. 73, dtd January 7, 1972 :
The authorities making rectification are authorized 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.

62. Time limit for completion of assessment u/s 153A
• AO shall make an order of assessment/ reassessment, as follows:
a. Within a period of 21 months from end of the financial year in which the last of
the authorizations for search/requisition under section 132/132A was executed.
This period cannot be less than 9 months from the end of the financial year in
which books of account, etc., are handed over under section 153C to the
concerned Assessing Officer.(if search conducted in the financial year 2017-18 or
before)
Sec 153B:Passing assessment order under section 153A (not
applicable if search is initiated under section 132 or requisition
is made under section 132A on or after 1st April, 2021)

63. b. Within a period of 18 months from end of the financial year in which the
last of the authorizations for search/requisition under section 132/132A
was executed. This period cannot be less than 12 months from the end
of the financial year in which books of account, etc., are handed over
under section 153C to the concerned Assessing Officer. (if search
conducted in the financial year 2018-19)
c. Within a period of 12 months from end of the financial year in which the
last of the authorizations for search/requisition under section 132/132A
was executed. This period cannot be less than 12 months from the end
of the financial year in which books of account, etc., are handed over
under section 153C to the concerned Assessing Officer. (if search
conducted in the financial year 2019-20 or onwards)

64. – One year after the exclusion of the period under 245HA(4) and
where such period of limitation is less than one year, it shall be
deemed to have been extended to one year
• Passing of assessment order where a proceeding before the
Settlement Commission abates under section 245HA
Passing of assessment, reassessment or recomputation order where
assessee exercise option to withdraw pending application before
Settlement Commission undersection 245M
One year after the exclusion of the period under section 245M(5)
and where such period of limitation is less than one year, it shall be
deemed to have been extended to one year

65. Time limit for filing appeal to CIT(A)
• The appeal shall be furnished within 30 days of the following date:
(a) Where appeal is u/s 248, the date of payment of tax.
(b) Where the appeal relates to any assessment or penalty, the date of service of
notice of demand relating to the assessment or penalty.
(c) In any other case, the date on which the order sought to be appealed is
served.
• Condonation of delay possible, otherwise remedy available is Sec 264[CIT].
Sec 249

66. Time limit for issue of Order by CIT(A)
• Where it is possible CIT(A), may hear and decide the appeal
within a period of 1 year from the end of financial in which
such appeal is filed before him under Sec 246A.
• This is not mandatory, its directory for CIT(A).
CIT(A) cannot set aside assessment & ask AO to make fresh
assessment.
Sec 250

67. Time limit for filing appeal to ITAT
• The appeal to ITAT shall be filed within 60 days of the date
on which the order sought to be appealed against is
communicated to the assessee or to the CIT, as the case may
be.
Sec 253

68. Filing memo of cross-objections to Tribunal
• Section 253(4)/(5): Within 30 days of receipt of notice of filing
appeal or within extended time.
• Rectification of apparent mistake by Tribunal {Section
254(2)}: Within 6 months from the end of the month in which
the order was passed [Inserted by the Finance Act, 2016 w.e.f.
1-6-2016]

69. Miscellaneous petition or application before ITAT
• The limitation of six months for filing Miscellaneous
Application u/s. 254(2) starts from the date of receipt of order.
• "The Appellate Tribunal may, at any time within [six months from the end of the
month in which the order was passed], with a view to rectifying any mistake
apparent from the record, amend any order passed by it under sub-section (1), and
shall make such amendment if the mistake is brought to its notice by the assessee or
the [Assessing] Officer."
Section 254(2)

70. Filing appeal to the High Court {Sec. 256(1)
• (i) Filing application to Tribunal requiring it to refer to High
Court any question of law: Within 60 days of service of
Tribunal’s order under section 254 or within extended period
not exceeding 30 days.
• (ii) Drawing up statement of case and referring it to High
Court by Tribunal : Within 120 days of receipt of application

71. Appeal to High Court
• The Pr.CIT or the assessee aggrieved by an order passed by the
Appellate Tribunal may file an appeal to the High Court, within 120
days from the date on which the order appealed against is received
by the CIT or the assessee.
• Needs substantial question of law; can condone the delay on
sufficient cause.
• Note: High Court can admit an appeal after the expiry of the said
period of 120 days if it is satisfied that there was sufficient cause for
not filing the appeal within the said period.
Sec 260A

72. Revision by CIT 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.)
• Against order passed u/s 263 an appeal can be filed to ITAT.
Sec. 263

73. Revision u/s 263 by CIT
• 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.

74. Revision application 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.
Sec. 264

75. Revision 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.

76. Revision 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.

77. • CIT shall not revise the order on his own:
(i) Where an appeal against the order lies to the CIT(A) but has
not been made and;
(a) The time within which such as appeal may be made has
not expired;
(b) The assessee has not waived his right of appeal.
(ii) Where the order is pending on an appeal before the Deputy
Commissioner (Appeals).
(iii) Where the order has been made the subject of an appeal to
the CIT(A) or Appellate tribunal.

78. Reference to Transfer Pricing Officer
• Where a reference has been made under sub-section (1) of
Sec 92CA to the Transfer Pricing Officer, an order under Sub-
section (3) may be made at any time before 60 days prior to
the date on which the period of limitation referred to in Sec
153 or 153B expires.
Sec 92CA

79. Advance Pricing Agreement —Time limit if agreement becomes Void
• Agreement becomes void if obtained through fraud or
misrepresentation of facts.
• If period of limitation after excluding the period from date of agreement
till date of declaring it Void, is less then 60 days, such remaining period
shall be extended to 60 days.
• Advance Pricing Agreement is binding for a period not exceeding 5
consecutive years.
Sec 92CC

80. Time limit for completion of assessment in case APA is applicable for the years for
which Returns were already filed
• Notwithstanding anything contained in Sec 153 or 153B or Sec 144C;
(a) The order of assessment, reassessment or recomputation of total income u/s
(3) of Sec 92CD shall be passed within a period of 1 year from the end of the
financial year in which the modified return u/s (1) is furnished;
(b) The period of limitation as provided in Sec 153 or 153B or Sec 144C for
completion of pending assessment or reassessment proceedings referred to in
sub-sec (4) shall be extended by a period of 12 months.
Sec 92CD

81. Dispute Resolution Panel
• Notwithstanding anything contained in Sec 153 or 153B, AO shall pass
the assessment order u/s (3) within 1 month from the end of the
month in which,-
(a)The acceptance is received; or
(b) The period of filing of objecions u/s (2) expires—(Within 30 days of
receipt of draft order).
• AO to forward of the proposed order of assessment to the eligible
assessee if he proposes to make any variation in the income or loss
returned which is prejudicial to the interest of the such assessee.
Sec 144C

82. Issue of directions to AO, on receipt of Objections from
eligible assessee
• No direction shall be issued after 9 months from the end of
the month in which the draft order is forwarded to the
eligible assessee.
• No direction unless opportunity of being heard is given to the
assessee and AO, where such directions are prejudicial to the
interest of assessee or revenue, respectively.
Sec 144C

83. Time limit for completion of assessment on receipt of Directions from
DRP
• Upon receipt of directions, AO shall in confirmity of such
directions, complete the assessment without providing any
further opportunity of being heard to the assessee, within 1
month from the end of the month in which such direction is
received.
• Appeal against such order lies to ITAT.
Sec. 144C

84. Penalty Section 275

85. WHEN ASSESSMENT REFRAMED.
 An order of fresh assessment in pursuance of order under section 254, 263
or 264 setting aside or cancelling assessment. Section 153(3).
a) Within 9 months from end of the financial year in which order under
section 254 is received by
- Principal Chief Commissioner or
- Chief Commissioner or
- Principal Commissioner or
- Commissioner or,
- as the case may be an order under section 263/264 is passed by Principal
Commissioner or Commissioner
b) Within 12 months from the end of the financial year in which order under
section 254 is received or order under section 263 or 264 is passed by the
authority. [if order is passed on or after financial year 2019-20]

86. Appeal Effect
 Giving effect to an order [under Section 250/ 254/ 260/ 262/ 263 / 264] by AO
wholly or partly, otherwise than by making a fresh assessment or
reassessment. {Section 153(5)}
 Within a period of 3 months from the end of the month in which order is
received by Principal Chief Commissioner or Chief Commissioner or Principal
Commissioner or Commissioner, As the case may be the order under Section
263/264 is passed by the Principal Commissioner or Commissioner
 Note:
1) If it is not possible to give effect to such order within the aforesaid period, the
Principal Commissioner or Commissioner may allow an additional period of 6
months to AO.
2) If verification on any issue was required by way of submission of any
document or where an opportunity of being heard is to be provided to assessee.
Then order shall be made within the time specified in 153(3) [Inserted by
Finance Act 2017, w.e.f. 1.6.2017]

87. An order of assessment, reassessment or recomputation on
assessee or any person in consequence of or to give effect to
any finding or direction contained in- An order under Section
250/ 254/ 260 / 262 / 263 /264 or - An order of any court in a
proceedings otherwise than by way of appeal or reference
[Inserted by the Finance Act, 2016 w.e.f. 1-6-2016]. {Section
153(6)(i)}
Within 12 months from the end of the month in which such
order is received or passed by the Principal Commissioner or
Commissioner, as the case may be.

88. Provisional attachment of assets of
taxpayer
• Attachment shall cease to have effect after expiry of six
months (extendable upto 2 years or up to 60 days after the
date of assessment or reassessment, whichever is later) from
date of order.
Section 281B(2)

89. Processing of Proposals for Appeal/SLP on Receipt of the Order of High Court
i. For filing SLP, period of limitation of 90 days begins from the date of
judgment/order of the High Court and not from the date of receipt of
certified copy by the CIT.
ii. In case an application for grant of certificate of fitness u/s 261 of the
Income-tax Act, 1961 is made, the limitation to file Civil Appeal/SLP is
60 days from disposal of the application.