Limitation_of_Time_Assessment_Income_Tax_Act_PPT.pptx

Two buckets: (i) time to ISSUE notice (jurisdictional), (ii) time to COMPLETE assessment
Anchor dates: ‘end of FY of filing’, ‘end of relevant AY’, or ‘FY of 148 notice’—varies by section
Extensions: TPO (Transfer Pricing Officer) reference usually adds +12 months to completion timelines

1. Limitation of Time of Assessment – Income-tax Act, 1961

2. How to read limitation (overview) Two buckets : ( i ) time to ISSUE notice (jurisdictional), (ii) time to COMPLETE assessment Anchor dates : ‘end of FY of filing’, ‘end of relevant AY’, or ‘FY of 148 notice’—varies by section Extensions: TPO ( Transfer Pricing Officer ) reference usually adds +12 months to completion timelines

3. Issue of Notice – Key Jurisdictional Limits Sec. 143(2): issue within 3 months from end of FY in which return is filed Sec. 148/149: general up to 3 years from end of relevant AY; extended window when escapement ≥ ₹50 lakh (longer period) Search/survey situations have special triggers & approvals (ss. 148B/151, 153A/153C)

4. Completion Timelines – Sec. 153 (Regular/Best-judgment) s.143 (3)/ s.144 orders: generally 12 months from end of the relevant AY (for recent AYs ) Add +12 months if reference made to TPO Older AYs had different periods—state ‘as per AY-specific law’ if question spans multiple years

5. Reassessment – Completion Timelines Where notice u/s 148 served: complete within 12 months from end of FY in which notice is served Add +12 months if TPO reference Issuance limit ( s.149 ) is separate from completion limit ( s.153 )

6. Search / Seizure – 153A/153C (high level) Assess specified preceding years following search/requisition In certain cases, look-back can extend beyond 6 years when conditions (e.g., asset threshold) are met Completion aligned with s.153 timelines for search assessments (+ TPO extension where relevant)

7. Ready-Reckoner – Limitation at a Glance Provision What is limited? Anchor date Generic time limit (recent) Notes 143(1) Processing/intimation End of FY of filing 9 months Auto-processing, not scrutiny 143(2) Scrutiny notice End of FY of filing 3 months Jurisdictional 143(3)/144 Completion End of relevant AY 12 months +12 months if TPO 147/148 (issue) Reassessment notice End of relevant AY Up to 3 years; extended if ≥ ₹50L 148A/approvals apply 147/148 (complete) Reassessment order FY of 148 notice 12 months +12 months if TPO 153A / 153C Search years Based on search Statutory look-back; then s.153 Asset-threshold can extend look-back