Time limit for completion of assessment, reassessment and re-computation - Section 153

Section 153 sets assessment completion deadlines: 9-21 months for regular assessments, 9-12 months for reassessments

Section 153 of the Income Tax Act establishes time limits for completing assessments, reassessments, and recomputations. For regular assessments under Section 144, the time limit varies by assessment year: 21 months for general cases, reducing to 12 months for AY 2019-20, extending to 18 months for AY 2020-21, and 9 months for AY 2021-22 and 2022-23. For reassessments under Section 147, the limit is 9 months if notice is served before April 2019, and 12 months thereafter. Fresh assessments following appellate orders must be completed within 12 months. Special provisions extend time limits by 12 months when search operations occur or transfer pricing references are made. Effect to appellate orders must be given within 3 months, extendable by 6 months.