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of <h1>Section 286 sets one-year default assessment deadlines, shorter windows for specific orders, TP extensions and excluded intervals</h1> Section 286 prescribes specific time limits for completion of assessments, reassessments and recomputations tied to triggering dates (set out in a table), generally one year from the relevant date, with shorter periods for certain orders (e.g., two months, six months extendable to nine). Time limits are extended by 12 months where transfer-pricing reference is made. Specified intervals (reopening at taxpayer request, judicial stays, audit or valuation processes, advance-ruling/ information-exchange periods, TP/Oversight references, and similar referrals) are excluded in computing limits; minimum remaining periods are restored to 60 days (or one year in certain abatement cases) and month-end and deeming rules adjust timing where orders shift or exclude income between tax years.
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