38. Periods of Limitation Under the Income-tax Law
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Transcript of 38. Periods of Limitation Under the Income-tax Law
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8/17/2019 38. Periods of Limitation Under the Income-tax Law
1/33
[As amended by Finance Act, 2015]
Period of limitation prescribed under the Income-tax Act
The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc.
(like time limit for filing an appeal to the Commissioner of Income-tax (Appeals), deposit of tax
on distributed profits of domestic companies, filing return of income, filing belated return of
income, etc.). In this part you can gain knowledge about the period of limitation prescribed under
the Income-tax Act for various procedures, applications, etc.
Section 2(48)
Application by an infrastructure capital
company or infrastructure capital fund or a public sector company for notification under
clause (48 ) of section 2 of any zero coupon
bond proposed to be issued by it .
At least three months before the date of issue
of such bond.However it should be noted that an application
shall not be made for notification of a bond to
be issued after two financial years followingthe financial year in which the application is
made.
Submitting certificate of a chartered specifying
the amount invested in each year accountant in
case of zero coupon bond.
Within a period of two months from the end of
each financial year
Section 9A
Furnish a statement by every eligibleinvestment containing information relating to
the fulfilment of the relevant conditions or any
information or document which may be prescribed.
Within a period of 90 days from the end offinancial year
Section 10(23C)
Making an order accepting/rejecting application madeunder first proviso for grant of exemption under sub-
clause (iv)/(v)/(vi)/(via)
Within 12 months from end of monthin which application was received
Making application under fourteenth proviso to section10(23C ) to designated authority by educational/medical
institutions, etc., referred to in section
10(23C )(iv)/(v)/(vi)/(via)
On or before 30th September ofrelevant assessment year
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[As amended by Finance Act, 2015]
Section 10A(8)
Furnishing declaration by taxpayer in respect of
industrial undertaking in any free trade zone fornot availing tax holiday under section 10A
Before due date for furnishing return of
income under section 139(1)
Section 10B(8)
Furnishing declaration by taxpayer in respect of
100 per cent export-oriented undertaking for not
availing tax holiday under section 10B
Before due date for furnishing return of
income under section 139(1)
Section 10C(6)
Furnishing declaration by taxpayer in respect of
certain industrial undertakings in North EasternRegion for not availing tax holiday under section
10C
Before due date for furnishing return of
income under section 139(1)
Section 12A(1)(aa)
Filing application for registration of trust or
institution for purposes of section 11
Application on or after 1-6 2007 shall be made
in the prescribed form and in the prescribedmanner and the provisions of sections 11 and
12 shall apply in relation to the income of suchtrust or institution from the assessment year
immediately following the financial year in
which such application is made and for theearlier assessment years whose assessment is
pending as on the date of such registration if
the objective for such earlier years and theobjectives on the basis of which registration is
granted are same.
Section 12AA
Passing an order granting or refusing registrationof trust
Within 6 months from the end of the month inwhich application u/s 12A(1)(aa) is received
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[As amended by Finance Act, 2015]
Section 35
Order accepting/rejecting application made under
first proviso to section 35(1) for grant of approvalunder section 35(1)(ii)/(iii)
Within 12 months from end of month in which
such application was received
Section 44AB
Getting accounts audited by accountant and
furnishing report
Due date for furnishing the return of income
under section 139(1)
Section 80QQB
Receiving or bringing into India in convertibleforeign exchange, income by way of royalty or
copyright fees, earned outside India
Within 6 months from end of the year or suchextended period as the Competent Authority
may allow in this behalf
Section 80RRB
Receiving or bringing into India in convertible
foreign exchange, income by way of royalty on
patents, earned outside India
Within 6 months from end of the year or such
extended period as the Competent Authority
may allow in this behalf
Section 92CA(3A)
Passing of order u/s 92CA(3) by TransferPricing Officer
At least sixty days before the period oflimitation referred to in section 153 or section
153B, as the case may be, for making the order
of assessment or reassessment or
recomputation, or fresh assessment, expires.
Section 92CD(1)
Submission of modified return in accordance
with and limited to advance pricing agreement(applicable from 1-7-2012)
Within 3 months from the end of the month in
which advance price agreement was entered
Section 92CD(5)(a)
Passing assessment /reassessment /recomputation
order under section 92CD(3) in respect ofmodified return (applicable from 1-7-2012)
Within 1 year from the end of the financial year
in which modified return is furnished
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[As amended by Finance Act, 2015]
Section 92D
Furnishing information/documents required byrevenue authorities
Within a period of 30 days from the date ofreceipt of a notice issued in this regard, and
such period may be extended by a further
period not exceeding 30 days
Section 92E
Furnishing report of accountant 30th November of relevant assessment year
Section 115-O(3)
Deposit of tax on distributed profits of domestic
companies
Within 14 days from date of declaration,
distribution or payment of dividends whichever
is earlier
Section 115QA(3)(From 1/06/2013)
Deposit of tax to credit of Government in case
of distributed income of domestic company for
buy-back of shares
Within 14 days from date of payment of any
consideration to the shareholder on buy-back of
shares
Section 115R(3)
Deposit of tax on distributed income of
UTI/Mutual Fund
Within 14 days from the date of distribution or
payment of income, whichever is earlier
Section 115R(3A) [Omitted with effect from assessment year 2015-16]
Furnishing statement in prescribed form to
prescribed income-tax authority giving details
of income distributed to unit holders, tax paidthereon, etc.
On or before 15th September in each year
Section 115TA(2) (From 1/06/2013)
Deposit of tax to credit of Government in case
of income distributed by securitization trust
Within 14 days from date of distribution or
payment of such income, whichever is earlier
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[As amended by Finance Act, 2015]
Section 115TA(3) [Omitted with effect from assessment year 2015-16]
Person responsible for making payment of incomedistributed by securitisation trust to furnish to prescribed
income-tax authority, statement in prescribed form and
verified in prescribed manner giving details of amount ofincome distributed to investors during the year, the tax
paid thereon and other relevant prescribed details
On or before 15th September in eachyear
Section 115U(2)
Person responsible for making payment of income on
behalf of venture capital company/fund and venturecapital company/fund to furnish to person receiving suchincome and to prescribed income-tax authority, statement
in prescribed form and verified in prescribed manner,
giving details of nature of income paid during the yearand such other relevant details as may be prescribed
30th November of financial year
following the year during which suchincome is distributed
Section 115UA
Any person responsible for making payment of
income distributed on behalf of a business trust
to a unit holder shall furnish a statement to thePrincipal Commissioner of Income-tax or
Commissioner of Income-tax in Form No.
64A, giving details of income distributed
during the year.
On or before 30th November of financial year
following the year during which such income
is distributed
Any person responsible for making payment ofincome distributed on behalf of a business trust
to a unit holder shall furnish a statement to this
effect to the unit holder in Form No. 64B,
On or before 30th June of financial yearfollowing the year during which such income
is distributed
Section 115VP
Opting for Tonnage Tax System (TTS)
- Existing qualifying company Between 1-10-2004 and 31-12-2004
- Company incorporated after 1-1-2005 and
being a qualifying company
Within 3 months of incorporation
- Existing company which becomes a qualifyingcompany after 1-1-2005
Within 3 months of it becoming a qualifyingcompany
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[As amended by Finance Act, 2015]
Section 115VP(4)
Joint Commissioner passing order under sub-section (4) of section 115VP
Within one month from end of month in whichapplication under section 115VP(1) was
received
Section 124(3)
Challenging Assessing Officer's
jurisdiction
a) Where a return is made under section 139(1), before
expiry of 1 month from the date on which a notice
under section 142(1) or 143(2) is served or before thecompletion of assessment, whichever is earlier
b)
Where no return is made before the expiry of timeallowed by notice under section 142(1) or under section148 for making the return or under section 144 for
showing cause why best judgment assessment should
not be made, whichever is earlier
Section 131(3)
Retention of impounded books or documents by Assessing
Officer/Assistant Director without obtaining approval ofPrincipal Chief Commissioner or Chief Commissioner or
Principal Director General or Director General or Principal
Commissioner or Commissioner or Principal Director orDirector
Not more than 15 days (exclusive of
holidays)
Section 132(8)
Retaining books of account or other documentsseized under section 132(1) or 132(1A) by
authorised officer without approval of Principal
Chief Commissioner or Chief Commissioner orPrincipal Director General or Director General
or Principal Commissioner or Commissioner or
Principal Director or Director
Not more than 180 days [30 days from the dateof assessment order under section 153A or
section 158BC(c)]
Section 132(8A)
Period for which order passed under section
132(3) to remain in force
60 days from date of order
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[As amended by Finance Act, 2015]
Section 132(9A)
Handing over of books, etc., to ITO having jurisdiction
60 days from date on which last ofauthorisations for search was executed
Section 132B(1)
Release of assets seized after recovery of
existing liability
Within 120 days from date on which last of the
authorisations /requisitions under section
132/132A was executed
Section 132B(1) first proviso
Making application to Assessing Officer forrelease of asset explaining nature and source of
acquisition of asset
Within 30 days from end of the month inwhich asset was seized
Section 133A(3)
Retention by income-tax authority of impounded books of account, documents without approval of the
Principal Chief Commissioner/Principal Director
General/Chief Commissioner/DirectorGeneral/Principal Commissioner/ Principal
Director/Commissioner/Director
Not more than 15 days (exclusive ofholidays)
Section 139(1)
(a) Filing of return by any company other than
covered in (c) below
September 30 of the assessment year
(b) Filing return of income by any non-corporate
taxpayer other than covered in (c) below :
(i) in the case where accounts are to be audited
or where accounts of the firm in which taxpayer
is a working partner are required to be audited
September 30 of relevant assessment year
(ii) in the case of a co-operative society September 30 of relevant assessment year
(iii) in other cases July 31 of relevant assessment year
(c) Filing of return where a taxpayer
(corporate/non-corporate) is required to furnisha report in Form No. 3CEB under section 92E
November 30 of the assessment year
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[As amended by Finance Act, 2015]
Section 139(3)
Filing of return of loss Within the time allowed under section 139(1)
Section 139(4)
Filing belated return of income Within 1 year from the end of the relevant
assessment year or before completion ofassessment, whichever is earlier
Section 139(4A)
Filing return by every person receiving income in
respect of which he is assessable as a representativeassessee from property held under trust/legal
obligation wholly or partly for charitable or religious purposes, etc., if total income exceeds maximum
amount not chargeable to tax
Within time allowed under section 139(1)
Section 139(4B)
Filing of return by every political party by its
chief executive officer
Within time allowed under section 139(1)
Section 139(4C) Filing return by every (a) research association
referred to in section 10(21), (b) news agencyreferred to in section 10(22B), (c) association or
institution referred to in section 10(23A), (d )
institution referred to in section 10(23B), (e)
fund/institution/trust/university/othereducational institution/ medical institution
referred to in sub-clause (iiiad ), (iiiae), (iv), (v),
(vi) or (via) of section 10(23C ), (ea) MutualFund referred to in section 10(23D), (eb)
Securitisation Trust referred to section10(23DA), (ec) venture capital company orventure capital fund referred to in section
10(23FB),( f ) trade union/association referred to
in sub-clause (a) or (b) of section 10(24), (g)anybody /trust /authority referred to in section10(46 ) and (h) infrastructure debt fund referred
to in section 10(47 ), if the total income without
Within time allowed under section 139(1)
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[As amended by Finance Act, 2015]
giving effect to the provisions of section 10
exceeds the maximum amount not chargeable
to tax.
Section 139(4D)
Filing return by every university, college or
other institution referred to in section 35(1)(ii)and 35(1)(iii) which is not required to furnish
return of income or loss under any other
provisions
Within time allowed under section 139(1)
Section 139(4E) Filing return of income by every business trustwhich is not required to file return of income
or loss under any other provisions
Within time allowed under section 139(1)
Section 139(5)
Filing revised return Within 1 year from the end of the relevant assessment
year or before the completion of assessment, whicheveris earlier
Section 139(9)
Rectifying defect in return of income Within 15 days from date of intimation by AssessingOfficer or extended time
Section 139A
Filing application for allotment of permanentaccount number
See rule 114(3)
Section 140A(1) (i) Payment of income-tax on self-assessment Before furnishing return of income
(ii) Payment of interest on tax due for filing belated return or default or delay in payment of
advance tax
Before furnishing return of income
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[As amended by Finance Act, 2015]
Section 142(1)(i)
Where a person has not made a return of income
before the end of the relevant assessment year,the Assessing Officer may serve a notice
requiring him to furnish return of income.
After the end of relevant assessment year
Notice referred to above served after the end of
the relevant assessment year commencing on or
after 1st April, 1990 shall be deemed to be anotice served in accordance with the provisions
of the Act.
Section 142A(6)
Sending of report by the Valuation Officer to theAssessing Officer
Within 6 months from the end of the month inwhich a reference is made by the Assessing
Officer under section 142A(1).
Section 143(1)
Sending intimation under section 143(1) Before expiry of 1 year from end of financial year in
which return is made
Section 143(2)(ii)
Serving notice in case of understatement of
income or under payment of tax for hearing forregular assessment/limited scrutiny assessment
Before expiry of 6 months from end of financial
year in which return is furnished
Section 144BA(2)
Furnishing objection by taxpayer to notice of
invoking GAAR provisions by Commissioner(applicable from 1-4-2016)
Within such period (but not exceeding 60 days)
as specified in the notice
Section 144BA(13)
Issuing direction by Approving Penal under
section 144BA(6) in respect of the declarationof an agreement as an impermissible avoidance
arrangement under Chapter X-A (applicable
from 1-4-2016)
Within 6 months from the end of the month in
which the reference under section 144BA(4)was received from the Principal Commissioner
or Commissioner
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[As amended by Finance Act, 2015]
Section 144C(2)
Filing of response by eligible taxpayer by (a)acceptance of variations to Assessing Officer, or
(b) filing his objections, if any, to such variation
with the Dispute Resolution Panel and theAssessing Officer
Within 30 days of receipt by taxpayer of draftorder
Section 144C(4)
Passing of assessment order under section
144C(3)
Within one month from end of month in which
acceptance is received or period of filing
objections under section 144C(2) expires
Section 144C(12)
Issue of directions under section 144C(5) Within 9 months from end of month in whichdraft order is forwarded to eligible taxpayer
Section 144C(13)
Completion of assessment on receipt of
directions issued under section 144C(5)
Within one month from end of month in which
such direction is received
Section 147
Reassessment where assessment has been made
under section 143(3) or 147
Within 4 years from end of relevant assessment
year [unless escapement of income is because
of taxpayer's failure to file return under section139 or in pursuance of notice under section
142(1) or 148 or to disclose fully and truly all
material facts or unless escapement of incomeis in relation to any asset located outside India]
Section 149(1)
Issuing notice under section 148 in cases subjectedto scrutiny by way of assessment under section
143(3) or 147 :
If the escaped income—
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[As amended by Finance Act, 2015]
(i) is less than Rs. 1,00,000 Within 4 years from end of relevant
assessment year
(ii) is Rs. 1,00,000 or more Within 6 years from end of relevant
assessment year
(iii) is in relation to any asset (including financialinterest in any entity) located outside India
Within 16 years from end of relevantassessment year
Section 149(3)
Issuing notice under section 148 to person whohas been treated as agent of non-resident undersection 163
Within 6 years from end of relevantassessment year
Section 150
Issuing notice under section 148 forassessment/reassessment/recomputation pursuant
to any finding or direction in an order passed :
No time limit
(i) by any authority in any proceeding underIncome-tax Act in appeal/reference/revision
(ii) by a court in any proceeding under any other
law
Section 153(1)
Passing assessment order under section 143 or
144
Within 2 years from the end of the assessment
year in which income was first assessable.However, in case any reference is made to
TPO then assessment can be completed by the
assessing officer within 36 months from theend of the assessment year.
Section 153(2) Making assessment/reassessment, etc., under
section 147
Within 1 year from end of the financial year in
which notice under section 148 is served
Note: If notice for reassessment under section 148 is served on or after 1-4-2010 and during the
course of reassessment or proceedings for fresh assessment, a reference is made to TPO at anytime (may be before, on or after 1-7-2012), the assessment can be completed by the AssessingOfficer within 2 years from the end of the assessment year.
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[As amended by Finance Act, 2015]
Section 153(2A)
Making assessment order in pursuance of orderunder section 250, 254, 263 or 264 setting aside
or cancelling assessment
Within 1 year from end of the financialyear in which order under section 250/254
is received byPrincipal ChiefCommissioner or Chief Commissioner or
PrincipalCommissioner or Commissioneror an order under section 263/264 is passed
by Principal Chief Commissioner or Chief
Commissioner or Principal Commissioneror Commissioner
Note: If order under section 254 is received by the Principal Commissioner or Commissioner on
or after 1-4-2010 or where an order under section 263 or 264 is passed by the PrincipalCommissioner or Commissioner on or after 1-4-2010 and during the course of reassessment or
proceedings for fresh assessment, a reference is made to TPO at any time (may be before, on or
after 1-7-2012), the assessment can be completed by the Assessing Officer within 2 years fromthe end of the assessment year.
Section 153(4)
Making assessment/reassessment relating to any
assessment year which has been revised undersection 153A(2)
Within one year from the end of the
month of revival or period given undersection 153 or 153B(1), whichever is later
Section 153B
Passing assessment order under section
153A
Within a period of 2 years from end of the
financial year in which the last of theauthorisations for search/requisition under section
132/132A was executed. This period cannot be
less than 1 year from the end of the financial yearin which books of account, etc., are handed over
under section 153C to the concerned Assessing
Officer
Note: Where the last of the authorization for search under section 132/132A was executed on or
after 1-4-2009 and during the course of assessment/reassessment proceedings (or proceeding
referred to in section 153C), a reference is made to TPO at any time (may be before, on or after1-7-2012), the assessment can be completed by the Assessing Officer within 3 years from the end
of the assessment year or 24 months from the end of the financial year in which books of account
or documents or assets seized or requisitioned are handed over under section 153C to theAssessing Officer having jurisdiction over such other person, whichever is later.
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[As amended by Finance Act, 2015]
Section 154
Rectifying any mistake apparent from record byincome-tax authority referred to in section 116 to—
Within 4 years from end of financial yearin which order sought to be amended is
passed, or within 6 months from the endof the month in which the application is
received by the income-tax authority,whichever is earlier
(i) amend any order passed by it
(ii) amend any intimation or deemed intimationunder section 143(1)
(iii) amend any intimation under section 200A(1)
Section 155(1)/(2)
Amending assessment order of partner of firm or
member of AOP/BOI for inclusion of correct sharefrom firm/AOP/BOI
Within 4 years from end of financial
year in which final order is passed incase of firm/AOP/BOI
Section 155(1A)
Amending assessment order of partner for adjusting
income from firm to the extent not deductible undersection 40(b)
Within 4 years from end of financial
year in which final order was passed incase of the firm
Section 155(4)
Recomputing total income for succeeding year(s)
in respect of loss or depreciation recomputedunder section 147
Within 4 years from end of financial year
in which order under section 147 is passed
Section 155(4A)
Withdrawing investment allowance allowedunder section 32A if—
(a) asset is sold/transferred within 8 years from
end of the year in which it was acquired
Within 4 years from end of the year in
which sale/transfer took place
(b) investment allowance reserve is not utilisedfor acquiring new asset within 10 years of end
of the year in which asset was acquired
Within 4 years from end of said 10 years
(c) reserve is misutilised before expiry of 10years of end of the year in which asset was
acquired
Within 4 years from end of the year in
which amount is so misutilised
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[As amended by Finance Act, 2015]
Section 155(5A)
Withdrawing development allowance undersection 33A if within 8 years land is sold or
reserve is misutilised
Within 4 years from end of the year inwhich sale took place or reserve is so
misutilised
Section 155(5B)
Recomputing total income where weighteddeduction in respect of expenditure on scientific
research under section 35(2B) is deemed to
have been wrongly allowed
Within 4 years from end of the year inwhich period allowed for completion of
scientific research programme has expired
Section 155(7)
Recomputing distributable income andadditional tax liability under section 104
Within 4 years from end of financial year inwhich final order was passed
Section 155(7B)
Recomputing deemed capital gains under
section 47A
Within 4 years from end of the year in which
capital asset is converted into stock-in-trade
or in which parent company/holding companyceases to have 100 per cent shareholding in
subsidiary company
Section 155(10A) Amending order of assessment so as to excludeunadjusted amount of capital gain on long-term
capital asset not chargeable under section
54E(1)
Within 4 years from end of financial year inwhich original assessment is made
Section 155(11)
Amending order of assessment to exclude
capital gain not chargeable under section 54H
Within 4 years from end of the year in which
compensation was received
Section 155(11A)
Amending order of assessment so as to allow
deduction under section 10A, 10B or 10BA in
respect of income received in or brought into
India
Within 4 years from end of the year in
which such income is received in, or
brought into, India
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[As amended by Finance Act, 2015]
Section 155(12)
Amending order of assessment to allowdeduction under section 80-O
Within 4 years from end of the year in whichincome is received or brought into India ;
however, the period from 1-4-1988 to 30-9-1991 shall be excluded
Section 155(13)
Amending order of assessment so as to allow
deduction u/s 80HHB, 80HHC, 80HHD,
80HHE, 80-O, 80R, 80RR or 80RRA in
respect of convertible foreign exchangeearnings not brought into India initially but
received or brought into India subsequently
Within 4 years from the end of the year in
which such income is so received in, or
brought into India
Section 155(14)
Amending order of assessment/intimation under
section 143(1) to give credit for tax
deducted/collected not given earlier on ground
that tax deduction/collection certificate was notfiled with return
Relevant tax deduction/collection
certificate should be produced before
Assessing Officer within 2 years from the
end of assessment year in which income isassessable.
Section 155(15)
Amending order of assessment so as to compute
capital gain by taking the full value ofconsideration to be the value adopted/assessed by
stamp duty authorities (section 50C) as revised in
appeal/revision/reference
Within 4 years from the end of the year in
which the order revising the value was passed in that appeal/revision/reference
Section 155(16)
Amending order of assessment so as to compute
capital gain on compulsory acquisition, etc., by
taking the full value of consideration to be thecompensation/consideration as reduced by any
court, tribunal or other authority
Within 4 years from the end of the year
in which order reducing compensation
was passed
Section 155(17)
Amending order of assessment so as towithdraw deduction under section 80RRB
Within 4 years from the end of the year inwhich order of Controller/High Court was
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[As amended by Finance Act, 2015]
allowed earlier where by a subsequent order of
the Controller/High Court the patent is revoked
or the name of the taxpayer is excluded from the
patents register as patentee in respect of that patent
passed
Section 158AA(1)
Filing an application by the Assessing Officer
to the Appellate Tribunal for the matter
prescribed under section 158AA(1)
Within a period of 60 days from date of receipt
of order of Commissioner of Income-tax
(Appeals)
Section 158AA(4)
Filing an appeal to the Appellate Tribunal in a
case where order of the Commissioner of
Income-tax (Appeals) under section 158AA(1)is not in conformity with the final decision of
the Supreme Court on the question of law in
the other case.
Within a period of 60 days from date of
communication of order of Supreme Court in
the other case.
Section 158BE(1)
Passing of order under section 158BC Within a period of 2 years from the end of the
relevant month (in a case of search orrequisition which took place on or after 1-1-
1997).
Section 158BE(2)
Period of limitation for completion of block
assessment in the case of other person referred
to in section 158BD
Within a period of 2 years from the end of the
relevant month in which the notice underChapter XIV-B was served (in a case of search
or requisition which took place on or after 1-1-
1997).
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[As amended by Finance Act, 2015]
Section 158BFA(3)
Passing order for imposing penalty under
section 158BFA(2)
In a case where the assessment is the subject-
matter of an appeal to the Commissioner ofIncome-tax (Appeals) under section 246 or
section 246A or an appeal to the AppellateTribunal under section 253, after the expiry of
the financial year in which the proceedings, in
the course of which action for the impositionof penalty has been initiated are completed or
six months from the end of the month in
which the order of the Commissioner of
Income-tax (Appeals) or as the case may be,the Appellate Tribunal is received by the
Principal Chief Commissioner/PrincipalCommissioner/Chief Commissioner orCommissioner, whichever period expires
later.
In a case where the assessment is the subject-
matter of revision under section 263, after theexpiry of six months from the end of the
month in which such order of revision is
passed.
In any case other than above, after the expiryof the financial year in which the proceedings
in the course of which action for the
imposition of penalty has been initiated arecompleted or six months from the end of the
month in which action for imposition of
penalty is initiated, whichever period expires
later.
Section 160(1), Explanation 1
Filing declaration by trustee(s) for converting 'oral
trust' into 'trust declared by a duly executedinstrument in writing'
Within 3 months from date of
declaration of 'oral trust'
Section 172(3)
Return of full amount paid or payable to non-resident owner or charterer of ship towards
passenger fares, freight, etc., to be furnished by
master of ship to Assessing Officer
Before departure of ship from any portin India, or within 30 days thereafter if
permitted by Assessing Officer
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[As amended by Finance Act, 2015]
Section 172(4A)
Passing order, assessing income and
determining tax payable thereon under section172(4).
Within 9 months from end of financial year
in which return under section 172(3) isfurnished (by 31-12-2008 where return isfurnished before 1-4-2007)
Section 172(7)
Submission of claim by owner or charterer of
ship that assessment be made and tax payable by him be determined in accordance with other
provisions of the Act
Before expiry of assessment year relevant to
the year in which ship has departed fromIndian port
Section 176(3)
Giving notice of discontinuance of business/profession to Assessing Officer
Within 15 days of discontinuance
Section 178(1)
Giving notice of appointment as liquidator to
Assessing Officer
Within 30 days of appointment
Section 178(2)
Notifying liquidator as to amount of tax payable by
company
Within 3 months from date on which
Assessing Officer receives notice of
appointment of liquidator
Section 184
Filing certified copy of partnership deed Along with return of income of the firm of
the previous year relevant to theassessment year in respect of which
assessment as a firm is first sought.
Section 192
Filing return of deduction of tax from contributions
paid by the trustees of an approved superannuationfund
Within 2 months from end of financial
year
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[As amended by Finance Act, 2015]
Section 194C(7)
Person responsible for paying/ crediting any sumto contractor during course of business of plying,
hiring or leasing goods carriages to furnish prescribed particulars to prescribed income-tax
authority
Within such time as may be prescribed
Section 197A(2)
Delivering to Principal Chief Commissioner or Chief
Commissioner or Principal Commissioner or
Commissioner one copy of declaration required to befiled under section 197A(1) or 197A(1A) or
197A(1C)
On or before the 7th day of the month
next following the month in which
declaration is furnished
Section 200(1)
Paying tax deducted at source under sections 192 to
196D
Within time limit as prescribed under
rule 30
Section 200(3)
Preparation and filing of prescribedstatements of tax deducted for periods
ending on June 30, September 30,
December 31 and March 31
Where deductor is a person other than an officeof Government : On or before 15th July, 15th
October, 15th January of the financial year in
respect of quarter ending 30th June, 30th
September and 31st December and in respect ofquarter ending 31st March, on or before 15th
May of the financial year immediately following
the financial year in which deduction is made
Where deductor is an office of Government : On
or before 31st July, 31st October, 31st January of
the financial year in respect of quarter ending30th June, 30th September and 31st December
and in respect of quarter ending 31st March, on or
before 15th May of the financial yearimmediately following the financial year in which
deduction is made
Where deduction is made under section 194-IA:Within 7 days from the end of the month in which
deduction is made.
Section 200A
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[As amended by Finance Act, 2015]
Intimation under section 200A(1) Within one year from end of financial year in
which statement is filed
Section 201(3)
Order deeming a person to be an assessee in
default for failure to deduct whole or any
part of tax from a person resident in India
Within 7 years from the end of the financial
year in which payment is made or credit is
given, whether the statement is filed or not.
Section 203
Issuance of certificate of tax deducted atsource
Form No. 16: By 31st May of the financialyear immediately following the financial year
in which income was paid and tax deducted.
Form No. 16A: On or before 30th July, 30th
October, 30th January of the financial year in
respect of quarters ending 30th June, 30thSeptember & 31st December of the financialyear. For quarter ending 31st March, on or
before 30th May of the financial year
immediately following the financial year inwhich deduction is made
Form No. 16B (Section 194-IA): Within 15
days from the due date for furnishing challancum statement in Form No. 26QB (i.e., within
7 days from the end of the month in which
deduction is made)
Section 203A
Payer to apply to Assessing Officer for allotment of
Tax Deduction and Collection Account Number
Within one month from the end of the
month in which tax was deducted or
collected, as the case may be
Section 203AA
Issuance of TDS Certificate within the prescribed time
after the end of the financial year beginning on or after
1-4-2008 by the prescribed income-tax authority or person authorised by such authority.
31st July following financial year
during which taxes were deducted or
paid (Form No. 26AS)
Section 206(4)
Rectifying defect in return filed under section206(2)
Within 15 days from the date of intimationof the defect by Assessing Officer or
extended time
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[As amended by Finance Act, 2015]
Section 206A(1)
Furnishing of prescribed statement in respect of payment of interest to residents without TDS by banking company, co-operative society or public
company referred to in proviso to section 194A(3)(i)
On or before 31st July, 31st October,31st January and 30th June followingrespective quarter of financial year
Section 206A(2)
Furnishing of prescribed statement by persons
notified by Central Government
Within such time as may be prescribed.
Section 206C(3) Payment of tax collected from the respective buyers
of specified goods under section 206C(1) to the creditof Central Government or as the Board directs
Within time limit as prescribed in rule
37CA
Section 206C(3) (proviso)
Preparation and filing of prescribed statementsof tax collected for periods ending on June 30,
September 30, December 31 and March 31
On or before 15th July, 15th October, 15thJanuary in respect of first three quarters of
the financial year. In respect of quarter
ending 31st March, on or before 15th May of
the financial year immediately following thefinancial year in which collection is made
(Form No. 27EQ)
Section 206C(5)
Person collecting tax under section206C(1) from respective buyers to give
them a certificate in Form 27D about
the amount and rate of tax collected, etc.
On or before 30th July, 30th October, 30th Januaryof the financial year in respect of the quarter ending
30th June, 30th September and 31st December of
the financial year. For quarter ending 31st March,on or before 30th May of the financial year
immediately following the financial year in whichcollection is made
Section 206C(5)(2nd proviso)
Prescribed income-tax authority or person
authorised by such authority to prepare and deliver
to buyer/licensee/lessee, a statement in the
31st July following the financial year
during which taxes were collected or
paid (Form No. 26AS)
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[As amended by Finance Act, 2015]
prescribed form specifying amount of tax collected
or paid after the end of each financial year
beginning on or after 1-4-2008
Section 206C(5D)
Rectifying defect in return filed Within 15 days from the date of intimation of
the defect by Assessing Officer or extended
time
Section 206CB(1)
Sending the Intimation specifying the amount
payable/refundable under section 206CB(1)(d) Within a period of one year from end of
financial year in which statement under section206C is filed.
Section 211(1)
Payment of advance tax in specified instalments :
(a) In case of corporate taxpayers—
(i) up to 15 per cent On or before 15th June
(ii) up to 45 per centOn or before 15th September
(iii) up to 75 per cent On or before 15th December
(iv) up to 100 per cent On or before 15th March
(b) In case of other taxpayers—
(i) up to 30 per cent On or before 15th September
(ii) up to 60 per cent On or before 15th December
(iii) up to 100 per cent On or before 15th March
Note : Payment of advance tax made on or before 31st March shall be treated as advance tax paid
during financial year.
Section 211(2)
Payment of the appropriate part or whole amount of
advance tax as demanded under section 210(3) and(4) after the due dates of instalment
On or before each date specified in
section 211(1) falling after date ofservice of demand notice
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[As amended by Finance Act, 2015]
Section 220(1)
Payment of amount other than advance tax inresponse to notice under section 156
Within 30 days of service of demandnotice or within date extended on
request or within shorter period,specified in revenue's interest
Section 239(2)(c)
Making claim for refund Within 1 year from last day of relevant
assessment year
Section 245C(1)
Application for settlement of case to SettlementCommission
At any stage during the pendency of acase before the Assessing Officer
Section 245C(1E)
Application for settlement before Settlement
Commission under sub-section (1) where books ofaccount, documents, etc., have been seized
Not before 120 days of seizure
Section 245D(1)
Rejecting/allowing the application for
settlement
Within 7 days, notice shall be issued to the
applicant to justify admission of hisapplication; within 14 days from the receipt
of application, the order pertaining torejecting/allowing the application shall be
made
Section 245D(2B)
Calling report by the Settlement Commission from
Principal Commissioner or Commissioner
Within 30 days from the date of receipt
of application
Submission of report by the Principal
Commissioner or Commissioner to SettlementCommission
Within 30 days from the date of
communication from the SettlementCommission
Section 245D(2C)
Declaring application as invalid by the SettlementCommission
Within 15 days from the date of receiptof report from the Principal
Commissioner or Commissioner
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[As amended by Finance Act, 2015]
Section 245D(3)
Furnishing a report by the Principal Commissioneror Commissioner to the Settlement Commission inthe matters covered by the application
Within 90 days from the date of receiptof communication from the SettlementCommission
Section 245D(4A)
Passing order of settlement Within 18 months from the end of the month inwhich the application was made, if is application
made on or after 1-6-2010 (12 months if
application is made between 1-6-2007 and 31-5-
2010) (In respect of applications referred to in
section 245D(2A) to (2D) : on or before 31-3-2008)
Section 245D(6B)
Rectification application by the Principal
Commissioner/Commissioner/Applicant to theSettlement Commission
Within a period of six months from the end of
the month in which the order under section245D(4) is passed.
Amendment to any order of Settlement
Commissioner to rectify any mistake apparent
from the record.
Within a period of six months from the date on
which the order under section 245D(4) is
passed or Within a period of six months from
the end of the month in which the applicationfor rectifying any mistake apparent from the
record has been made by the Principal
Commissioner/Commissioner/Applicant.
Section 245D(7)
Completion of proceedings where settlement
becomes void as provided in section 245D(6)
Within 2 years from the end of the
financial year in which the settlement
becomes void
Section 245E, proviso
Reopening of completed proceedings bySettlement Commission if an application is made
before 1-6-2007
Reopening of proceeding is not possiblewhere period between end of assessment
year to which proceeding relates and thedate of application for settlement under
section 245C exceeds 9 years
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[As amended by Finance Act, 2015]
Section 245Q(3)
Withdrawing application for advance ruling Within 30 days from date of application
Section 245R(6)
Pronouncement of advance ruling by authority Within 6 months of receipt of application
Section 249(2)/(3)
Filing appeal to Commissioner (Appeals)-
a) Relating to tax deducted at source under
section 195
Within 30 days from date of payment of tax or
within extended time
b)
Relating to any assessment or penalty Within 30 days from date of service of demandnotice or within extended time
c) In any other case Within 30 days from date of communication of
order or within extended time
Section 250(6A)
Disposal of appeal by Commissioner (Appeals) One year from end of financial year in
which appeal is filed (where it is
possible)
Section 253(3)/(5)
Filing appeal to Tribunal Within 60 days from date on which order sought
to be appealed against is communicated or
within extended time [30 days in case of appealagainst order u/s 158BC(c), in respect of search
initiated u/s 132 or requisition made u/s 132A,
after 30-6-1995, but before 1-1-1997]
Section 253(3A)
Filing appeal by Principal Commissioner orCommissioner to Tribunal if he objects to any
direction issued by Dispute Resolution Panel
Within 60 days of the date on whichthe order sought to be appealed against
is passed by the Assessing Officer in pursuance of directions of the DisputeResolution Panel
Section 253(4)/(5)
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[As amended by Finance Act, 2015]
Filing memo of cross-objections to Tribunal Within 30 days of receipt of notice of
filing appeal or within extended time
Section 254(2)
Rectification of apparent mistake by Tribunal Within 4 years from the date ofimpugned order
Section 254(2A)
Disposal of appeal by Appellate Tribunal
filed under sub-section (1)/(2) of section
253
4 years from end of financial year in which
appeal is filed (where it is possible).
Where an order of stay is made in proceedingsrelating to appeal filed under section 253(1),
Tribunal shall dispose of appeal within 180 daysfrom date of such order or within extended time
not exceeding 365 days including original
period of 180 days, failing which stay ordershall stand vacated; this will be so even if delay
in disposing of the appeal is not attributable to
taxpayer.
Section 260A Filing appeal to High Court against order ofTribunal
Within 120 days of date ofcommunication of order
Note: High Court can admit an appeal after the expiry of the said period of 120 days if it issatisfied that there was sufficient cause for not filing the appeal within the said period.
Section 263(2)
Revising orders prejudicial to revenue by Principal
Commissioner or Commissioner
Within 2 years from end of financial
year in which order sought to berevised was passed
Section 263(3)
Revision by Principal Commissioner orCommissioner
of orders passed pursuant to any finding or direction by Tribunal, National Tax Tribunal, High Court or
Supreme Court
No time limit
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[As amended by Finance Act, 2015]
Section 264(2)
Revision of orders by Principal CommissionerorCommissioner on his own motion (not prejudicial to
taxpayer)
Within 1 year of order sought to berevised
Section 264(3)
Filing revision petition to Principal CommissionerorCommissioner (order not to be prejudicial to
taxpayer)
Within 1 year from date ofcommunication of order sought to be
revised or date of his knowledge in
respect thereof or within extended time
Section 264(6)
Passing order on revision application made by
taxpayer on or after 1-10-1998
Within 1 year from the end of the
financial year in which application is
made
Section 275
Imposing penalties under
Chapter XXI :
(a) in a case where appeal isfiled to Commissioner
(Appeals)/Tribunal
Before the expiry of financial year in which proceedingswhich give rise to penalty proceedings are completed, or
within 6 months from end of month in which the order of
Commissioner (Appeals)/Tribunal is received by thePrincipal Chief Commissioner or Chief Commissioner or
Principal Commissioner or Commissioner, whichever
period expires later.However, where order is in appeal before Commissioner
(Appeals) who passes appellate order on or after 1-6-2003,
order imposing penalty shall be passed before expiry offinancial year in which the proceedings, in the course of
which action for imposition of penalty has been initiated,
are completed, or within one year from the end of the
financial year in which the order of the Commissioner(Appeals) is received by the Principal Chief Commissioner
or Chief Commissioner or Principal Commissioner or
Commissioner, whichever is later.
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[As amended by Finance Act, 2015]
(b) in a case where relevant
assessment or other order is
subject- matter of revision under
section 263 (or section 264)
Within 6 months from the end of month in which revision
order is passed
(c) in any other case Before expiry of financial year in which proceedings (in
course of which action for imposition of penalty has been
initiated) are completed, or within 6 months from end ofmonth in which penal action is initiated, whichever is later
Section 275(1A)
Imposing/enhancing/reducing/cancelling penalty ordropping penalty proceedings on the basis of revised
assessment after giving effect to appellate/court/revision
order in a case where relevant order is subject matter ofappeal to Commissioner (Appeals)/Tribunal/High
Court/Supreme Court or revision and an order imposing
or enhancing or reducing or cancelling penalty ordropping proceedings for imposition of penalty is passed
before the order of the Commissioner
(Appeals)/Tribunal/High Court/Supreme Court is
received by the Principal Chief Commissioner or ChiefCommissioner or Principal Commissioner or
Commissioner or order of revision is passed
Within 6 months from end of themonth in which order of
Commissioner (Appeals)/Tribunal/
High Court/Supreme Court isreceived by the Principal Chief
Commissioner or Chief
Commissioner or PrincipalCommissioner or Commissioner or
order of revision is passed
Section 281B
Provisional attachment of assets oftaxpayer
Attachment shall cease to have effect afterexpiry of six months (extendable upto 2 years or
up to 60 days after the date of assessment or
reassessment, whichever is later) from date oforder
Section 285
Preparation and delivery of statement in prescribed form
containing prescribed particulars by non-resident havingliaison office in India set up in accordance with
guidelines issued by RBI under FEMA, 1999
Within 60 days from end of the
financial year
Section 285B
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[As amended by Finance Act, 2015]
Furnishing of statement by film producers Within 30 days from end of financial year
or within 30 days from date of completion
of film, whichever is earlier
Section 285BA
Filing of statement of financial transaction or
reportable account (Previously called as ‘Annual
Information Return’)
To be prescribed
Section 285BA(4)
Rectifying defect in statement of financial
transaction or reportable account filed under section
285BA as required by prescribed income-taxauthority
Within 30 days(or such extended time
as may be allowed on application) from
date of intimation of defect
Section 285BA(5)
Furnishing of statementunder section 285BA in
response to notice from prescribed income-taxauthority by person who has failed to furnish
statementwithin time
Within period not exceeding 30 days
from date of service of notice.
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[As amended by Finance Act, 2015]
MCQ on Period of limitation prescribed under the Income-tax Act
Q1. Under section 12AA, an order of granting or refusing registration of trust shall be passed
within _______ from the end of the month in which application u/s 12A(1)(aa) is received.
(a) 36 months (b) 24 months
(c) 12 months (d) 6 months
Correct answer : (d)
Justification of correct answer :
Under section 12AA, an order of granting or refusing registration of trust shall be passed within
6 months from the end of the month in which application u/s 12A(1)(aa) is received.
Thus, option (d) is the correct option.
Q2. A report from an accountant which is required to be furnished under section 92E by every
person who has entered into an international transaction during the previous year shall be
furnished on or before 30th
November of relevant assessment year.
(a) True (b) False
Correct answer : (a)
Justification of correct answer :
A report from an accountant which is required to be furnished under section 92E by every person
who has entered into an international transaction during the previous year shall be furnished on
or before 30th
November of relevant assessment year.
Thus, the statement given in the question is true and hence, option (a) is the correct option.
Q3. As per section 115QA(3), tax to credit of Government in case of distributed income of
domestic company for buy-back of shares shall be deposited within _________ days from date of
payment of any consideration to the shareholder on buy-back of shares.
(a) 7 days (b) 10 days
(c) 14 days (d) 30 days
Correct answer : (c)
Justification of correct answer :
As per section 115QA(3), tax to credit of Government in case of distributed income of domestic
company for buy-back of shares shall be deposited within 14 days from date of payment of any
consideration to the shareholder on buy-back of shares.
Thus, option (c) is the correct option.
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[As amended by Finance Act, 2015]
Q4. As per section 133A(3), the income-tax authority can retain impounded books of account,
documents without approval of the Principal Chief Commissioner/Principal Director
General/Chief Commissioner/Director General/Principal Commissioner/ Principal
Director/Commissioner/Director for a period not more than 15 days (exclusive of holidays).
(a) True (b) False
Correct answer : (a)
Justification of correct answer :
As per section 133A(3), the income-tax authority can retain impounded books of account,
documents without approval of the Principal Chief Commissioner/Principal Director
General/Chief Commissioner/Director General/Principal Commissioner/ Principal
Director/Commissioner/Director for a period not more than 15 days (exclusive of holidays).
Thus, the statement given in the question is true and hence, option (a) is the correct option.Q5. As per section 142A(6), a Valuation Officer should send a report to the Assessing Officer
within ____________ from the end of the month in which a reference is made by the Assessing
Officer under section 142A(1).
(a) 12 months (b) 8 months
(c) 6 months (d) 2 months
Correct answer : (c)
Justification of correct answer :
As per section 142A(6), a Valuation Officer should send a report to the Assessing Officer within
6 months from the end of the month in which a reference is made by the Assessing Officer under
section 142A(1).
Thus, option (c) is the correct option.
Q6. As per section 201(3), an order deeming a person to be an assessee in default for failure to
deduct whole or any part of tax from a person resident in India whether the statement is filed or
not shall be passed within 2 years from the end of the financial year in which payment is made or
credit is given.
(a) True (b) False
Correct answer : (b)
Justification of correct answer :
As per section 201(3), an order deeming a person to be an assessee in default for failure to
deduct whole or any part of tax from a person resident in India shall be passed
Within 7 years from the end of the financial year in which payment is made or credit is given ,
whether the statement is filed or not.
Thus, the statement given in the question is false and hence, option (b) is the correct option.
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Q7. As per section 211(1), payment of advance tax made on or before _______ shall be treated
as advance tax paid during the financial year.
(a) 30
th
June (b) 30
th
September(c) 31
st December (d) 31
st March
Correct answer : (d)
Justification of correct answer :
As per section 211(1), payment of advance tax made on or before 31st March shall be treated as
advance tax paid during financial year.
Thus, option (d) is the correct option.
Q8. Under section 281B, a provisional attachment of assets of taxpayer shall cease to have effect
after expiry of six months which is extendable up to 2 years from date of order.
(a) True (b) False
Correct answer : (b)
Justification of correct answer :
Under section 281B, a provisional attachment of assets of taxpayer shall cease to have effect
after expiry of six months (extendable up to 2 years or up to 60 days after the date of assessment
or reassessment, whichever is later) from date of order.
Thus, the statement given in the question is false and hence, option (b) is the correct option.
Q9. As per section 285B, film producers should furnish a statement within 30 days from end of
financial year or within 30 days from date of completion of film, whichever is later.(a) True (b) False
Correct answer : (b)
Justification of correct answer :
As per section 285B, film producers should furnish a statement within 30 days from end of
financial year or within 30 days from date of completion of film, whichever is earlier.
Thus, the statement given in the question is false and hence, option (b) is the correct option.