Sec. 153(1)

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priyanka

priyanka (Querist)
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24 December 2014 what is the meaning of First assessable as per sec. 153(1) of income tax act.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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24 December 2014 First assessable means assessment for the first time. Basically section 153(1) provides time limit for completion of section 143(3) and 144 assessments which is to be reckoned from the year in which return was filed since it will be assessable for the first time.

Rupesh Jain

Rupesh Jain (Expert)
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25 December 2014 in which year you file the return .

priyanka

priyanka (Querist)
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26 December 2014 Hi Abhishek aggarwal, can you please refer the source of this information.

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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23 July 2025 Section 153(1) of the **Income Tax Act, 1961** refers to the time limit for completing the **assessment or reassessment** of income tax under sections **143(3)** and **144**.

### **Explanation of "First Assessable" Under Section 153(1)**:

The term **"first assessable"** as per Section 153(1) means the **first time** an **income tax assessment** is being made for a particular financial year. It is the year in which the **return of income is filed** and the assessment under section 143(3) or 144 is to be completed for the first time for that return.

### **Key Points**:

1. **Section 153(1)** provides a **time limit** for completing the assessment for the first time or for making a reassessment.

2. **"First Assessable"** means the **first assessment** in respect of the financial year for which the return of income is filed.

3. The **time limit** for completing the **first assessment (Section 143(3))** or **best judgment assessment (Section 144)** depends on when the return is filed and can be referred to as the **prescribed period** for completing the assessment.

### **Time Limits**:

* The time limit for completing the **assessment** under **Section 143(3)** or **Section 144** is generally **12 months from the end of the financial year** in which the return of income is filed.

Example: If a taxpayer files a return for the assessment year 2020-21 (for the financial year 2019-20), the **first assessment** for that year must be completed by **31st December 2021** (12 months from the end of the financial year in which the return is filed).

### **Source**:

The information regarding **first assessable** is derived directly from the **Income Tax Act** and its provisions under **Section 153(1)**.

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