Section 143(1) - Summary Assessment
Time Limit To Complete Assessment- Within 9 months from the end of the financial year in which the return is furnished
Section 143(3) - Scrutiny Assessment
Time to Serve Notice - Notice to be served within 3 months from the end of the financial year in which return is furnished
Time Limit To Complete Assessment-Within 12 months1 from the end of the Assessment Year in which income was first assessable*
* For the purpose of completion of assessment in case of an updated return, the time limit of 12 months shall be counted from the end of the financial year in which the updated return is furnished.
Section 147 - Re Assessment
Time to Serve Notice - Notice to be issued within 3/10 years from the end of the relevant assessment year in which income has escaped assessment
Time Limit To Complete Assessment-Within 12 months from the end of the financial year in which notice for re-assessment was served
Fresh Assessment To Do
Time Limit To Complete Assessment-Within 12 months from the end of the financial year in which the order was received or passed by appealate authority
Giving effect to appeal results
Within 3 months from the end of the month in which the order was received or passed
For the assessment of partners if the assessment is made on the firm
Within 12 months from the end of the month in which assessment order is passed in case of the firm
Note:
The time limit has been increased from 9 months to 12 months bythe Finance Act, 2023 with effect 01-04-2023.
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