TaxTMI 
TaxTMI 
Time limit for completion of assessment, reassessment and recomputation.
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.... 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.] 87[(1B) Notwithstanding anything in sub-section (1), where a return is furnished in consequence of an order under clause (b) of sub-section (2) of section 119, an order of assessment under section 143 or section 144 may be made at any time before the expiry of twelve months from the end of the financial year in whic....
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....ellery or other valuable article or thing seized or requisitioned belongs to; (c) in the case of an assessee, to whom any books of account or documents seized or requisitioned pertains or pertain to, or any information contained therein, relates to, be extended by twelve months.] (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 ....
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....re the expiry of twelve months from the end of the month in which such order is received or passed by the 83[Principal Chief Commissioner or Chief Commissioner or] Principal Commissioner or Commissioner, as the case may be; or (ii) 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, 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 89[section 153B or section 158....
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....the last date on which the assessee is required to furnish a report of such audit 85[or inventory valuation] under that sub-section; or (b) where such direction is challenged before a court, ending with the date on which the order setting aside such direction is received by the Principal Commissioner or Commissioner; or (v) the period commencing from the date on which the Assessing Officer makes a reference to the Valuation Officer under sub-section (1) of section 142A and ending 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 secti....
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....nt or documents seized or requisitioned pertains or pertains to, or any information contained therein, relates to; or] 73[(xiii) the period commencing from the date on which the Assessing Officer makes a reference to the Principal Commissioner or Commissioner under the second proviso to sub-section (3) of section 143 and ending with the date on which the copy of the order under clause (ii) or clause (iii) of the fifteenth proviso to clause (23C) of section 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 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....
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.... 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; or (b) 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, if such other person was given an opportunity of being heard before the said order was passed.] ************** NOTES:- 1. Substituted vide Section 20 of the Finance Act, 1989 w.e.f. 01-04-1989 before it was read as, "(1) No order of assessment shall be made under section 143 or section 144 at any time after- (a) the expiry of- (i) four years from the end of the assessment year in which the income was first assessable, where such assessment year is an assessment year commencing on or before the 1st day of April, 1967; (ii) three years from the end of the assessment year in which the income was first assessable, where such assessment year is the assessment year ....
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....ead as, "two years" 9. Substituted vide Section 64 of the Finance Act, 2001 w.e.f. 01-06-2001 before it was read as, "Provided that where the notice under section 148 was served on or before the 31st day of March, 1987, such assessment, reassessment or recomputation may be made at any time up to the 31st day of March, 1990." 10. Inserted vide Section 37 of the Finance Act, 2006 w.e.f. 01-06-2006 11. Inserted vide Section 48 of the Finance Act, 2007 w.e.f. 01-06-2007 12. Substituted vide Section 64 of the Finance Act, 2001 w.e.f. 01-06-2001 before it was read as, "(2A) Notwithstanding anything contained in sub-sections (1) 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 under section 146 or in pursuance of an order, under section 250, section 254, section 263 or section 264, setting aside or cancelling an assessment, may be made at any time before the expiry of two years from the end of the financial year in which the order under section 146 cancelling the assessment is passed by the Assessing Officer or the order under section 250 or section 2....
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.... a case where no objections to the draft order are received from the assessee, a period of thirty days, or" 25. Inserted vide Section 28 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-10-1984 26. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax" 27. Inserted vide Section 35 of the Finance (No. 2) Act, 2004 w.e.f. 01-10-2004 28. Inserted vide Section 35 of the Finance (No. 2) Act, 2004 w.e.f. 01-10-2004 29. Inserted vide Section 47 of the Finance (No. 2) Act, 1991 w.e.f. 27-09-1991 30. Inserted vide Section 45 of the Finance Act, 2005 w.e.f. 01-04-2006 31. Substituted vide Section 6 of the Direct Taxes (Amendment) Act, 1964 w.e.f. 06-10-1964 before it was read as, "under section 250, 254, 260, 262, 263 or 264" 32. Substituted vide Section 6 of the Direct Taxes (Amendment) Act, 1964 w.e.f. 06-10-1964 before it was read as, "under section 250, 254, 260, 262, 263 or 264" 33. Inserted vide Section 35 of the Finance Act, 2008 w.e.f. 01-06-2003 34. Substituted vide Section 35 of the Finance Act, 2008 w....
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....ved on or after the 1st day of April, 2010 and during the course of the proceedings for the assessment or reassessment or recomputation 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 that section 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];" 44. Substituted vide Section 41 of the Finance Act, 2013 w.e.f. 01-07-2012 before it was read as, "40B[Provided also that where the order under section 254 is received by the Chief Commissioner or Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the Commissioner on or after the 1st day of April, 2010, and during the course 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....
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.... Act, 2014 w.e.f. 01-06-2013 51F. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51G. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51H. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51I. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51J. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51K. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51L. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51M. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51N. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51O. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51P. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51Q. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51R. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51S. Inserted vide Section 4 of the&nb....
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.... (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] from the end of the assessment year in which the fringe benefits were first assessable. (1B) No order of assessment or reassessment shall be made under section 115WG after the expiry of 6[nine months] from the end of the financial year in which the notice under section 115WH was served.] 7[(2) No order of assessment, reassessment or recomputation shall be made under section 147 after the expiry of 8[one year] from the end of the financial year in which the notice under section 148 was served : 9[Provided that where the notice under section 148 was served on or after the 1st day of April, 1999 but before the 1st day of April, 2000, such assessment, reassessment or recomputation may be made at any time up to the 31st day of March, 2002 :] 10[Provided further that where the notice under section 148 was served on or after the 1st day of April, 2005, 40D[but before the 1st day of April, ....
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....rincipal Chief Commissioner or] Chief Commissioner or 51C[Principal Commissioner or] Commissioner, on or after the 1st day of April, 1999 but before the 1st day of April, 2000, such an order of fresh assessment may be made at any time up to the 31st day of March, 2002 :] 14[Provided further that where the order under section 254 is received by the 51T[Principal Chief Commissioner or] Chief Commissioner or 51D[Principal Commissioner or] Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the 51E[Principal Commissioner or] Commissioner on or after the 1st day of April, 2005, 40F[but before the 1st day of April, 2011] the provisions of this sub-section shall have effect as if for the words "one year", the words "nine months" had been substituted:] 15[Provided also that where the order under section 254 is received by the 51U[Principal Chief Commissioner or] Chief Commissioner or 51F[Principal Commissioner or] Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the 51G[Principal Commissioner or] Commissioner on or after the 1st day of April, 2006, 40G[but before the 1st day of April, 2010] and during ....
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....ever is later] 20[Explanation 1.-In computing the period of limitation for the purposes of this section- (i) the time taken in reopening the whole or any part of the proceeding or in giving an opportunity to the assessee to be re-heard under the proviso to section 129, or (ii) the period during which the assessment proceeding is stayed by an order or injunction of any court, or 21[(iia) the period commencing from the date on which the Assessing Officer intimates the Central Government or the prescribed authority, the contravention of the provisions of clause (21) or clause (22B) or clause (23A) or clause (23B) or sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, under clause (i) of the proviso to sub-section (3) of section 143 and ending with the date on which the copy of the order withdrawing the approval or rescinding the notification, as the case may be, under those clauses is received by the Assessing Officer;] 45[(iii) the period commencing from the date on which the Assessing Officer directs the assessee to get his accounts audited under sub-section (2A) of section 142 and- (a) ending with the last date on whic....
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.... from the date on which a reference for declaration of an arrangement to be an impermissible avoidance arrangement is received by the 51O[Principal Commissioner or] Commissioner under sub-section (1) of section 144BA and ending on the date on which a direction under sub-section (3) or sub-section (6) or an order under sub-section (5) of the said section is received by the Assessing Officer,] shall be excluded :] 29[Provided that where immediately after the exclusion of the aforesaid time or period, the period of limitation referred to in sub-sections (1), 30[(1A), (1B),] 34[(2), (2A) and (4)] 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.] 35[Provided further that where a proceeding before the Settlement Commission abates under section 245HA, the period of limitation available under this section to the Assessing Officer for making an order of assessment, reassessment or re-computation, as the case may be, shall, after the exclusion of the perio....
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....nance Act, 2022 w.e.f. 01-04-2021 before it was read as, "Provided further that in respect of an order of assessment relating to the assessment year commencing on or after the 1st day of April, 2019, 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. Inserted vide Section 48 of the Finance Act, 2022 w.e.f. 01-04-2022 65. Inserted vide Section 48 of the Finance Act, 2022 w.e.f. 01-04-2022 66. Inserted vide Section 48 of the Finance Act, 2022 w.e.f. 01-04-2022 67. Inserted vide Section 48 of the Finance Act, 2022 w.e.f. 01-04-2022 67A. Inserted vide Section 48 of the Finance Act, 2022 w.e.f. 01-04-2022 67B. Inserted vide Section 48 of the Finance Act, 2022 w.e.f. 01-04-2022 68. Inserted vide Section 48 of the Finance Act, 2022 w.e.f. 01-04-2022 69. Inserted vide Section 48 of the Finance Act, 2022 w.e.f. 01-04-2022 70. Substituted vide Section 48 of the Finance Act, 2022 w.e.f. 01-04-2022&n....