CA Ruby Bansal
Quick Summary
Time limits for issuing income tax notices and completing assessments under the Income Tax Act are:
| Section | Nature of Assessment | Issue Notice | Completion of the Assessment |
| Section 143(1) | Summary Assessment | - | Within 9 months from the end of the financial year in which the return is furnished. |
| Section 143(3) | Scrutiny Assessment | Notice to be served within 3 months from the end of the financial year is furnished | Within 12 months from the end of the financial year in which income was first assessable. |
| Section 144 | Best Judgement Assessment | Within 12 months from the end of the financial year in which income was first assessable. | |
| Section 147 | Re-assessment | Applicable till 31-08-2024Notice to be issued within 3/10 years from the end of the relevant assessment year in which income has escape assessment.Applicable till 01-09-2024Section 148 notice to be issued within 3 years and 3 months or within 5 years and 3 months from the end of the relevant assessment year in which income has escaped assessment. |
Within 12 months from the end of the financial year in which notice for re-assessment was served. |
| Fresh Assessment | Within 12 months from the end of the financial year in which the order was received or passed. | ||
| Giving effect to appeal results | Within 3 months from the end of the month in which the order was received or passed. | ||
| For giving effect to any finding or direction | Within 12 months from the end of the month in which such order is 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. |
These time limits are crucial for both taxpayers and the tax authorities to ensure timely processing and compliance.
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