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 following the financial year in which the application is made. Submitting certificate of a chartered specifying Within a period of two months from the end of the amount invested in each year accountant in each financial year case of zero coupon bond. Section 9A Furnish a statement by every eligible Within a period of 90 days from the end of investment containing information relating to financial year the fulfilment of the relevant conditions or any information or document which may be prescribed. Section 10(23C) Making an order accepting/rejecting application made under first proviso for grant of exemption under subclause (iv)/(v)/(vi)/(via) Making application under fourteenth proviso to section 10(23C) to designated authority by educational/medical institutions, etc., referred to in section 10(23C)(iv)/(v)/(vi)/(via) Within 12 months from end of month in which application was received On or before 30th September of relevant assessment year [As amended by Finance Act, 2016] Section 10A(8) Furnishing declaration by taxpayer in respect of industrial undertaking in any free trade zone for not 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 Eastern Region 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 prescribed manner and the provisions of sections 11 and 12 shall apply in relation to the income of such trust or institution from the assessment year immediately following the financial year in which such application is made and for the earlier assessment years whose assessment is pending as on the date of such registration if the objective for such earlier years and the objectives on the basis of which registration is granted are same. Section 12AA Passing an order granting or refusing registration Within 6 months from the end of the month in of trust which application u/s 12A(1)(aa) is received Section 35 Order accepting/rejecting application made under Within 12 months from end of month in which [As amended by Finance Act, 2016] first proviso to section 35(1) for grant of approval such application was received under section 35(1)(ii)/(iii) Section 35ABA(3) Withdrawing deduction claimed and granted to the assessee under section 35ABA, if subsequently there is a failure to comply with the provisions specified in said section Within 4 years from the end of the previous year in which the failure to comply with the conditions referred to in section 35ABA takes place Section 44AB Getting accounts audited by accountant and Due date for furnishing the return of income furnishing report under section 139(1) Section 80QQB Receiving or bringing into India in convertible foreign exchange, income by way of royalty or copyright fees, 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 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 Transfer Pricing Officer At least sixty days before the period of limitation 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. Note: If time available with TPO for making an order is less than sixty days, after excluding the time - for which assessment proceedings are stayed or - taken for receipt of information from foreign jurisdiction [As amended by Finance Act, 2016] then such remaining period shall be extended to 60 days. [Inserted by the Finance Act, 2016 w.e.f 1-6-2016] Section 92CD(1) Submission of modified return in accordance Within 3 months from the end of the month in with and limited to advance pricing agreement which advance price agreement was entered (applicable from 1-7-2012) Section 92CD(5)(a) Passing assessment /reassessment /recomputation Within 1 year from the end of the financial year order under section 92CD(3) in respect of in which modified return is furnished modified return (applicable from 1-7-2012) Section 92D Furnishing information/documents required by Within a period of 30 days from the date of revenue authorities receipt 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 115BA Option to opt for concessional tax rate of 25% by On or before due date of furnishing return of certain domestic companies income under section 139(1) Section 115BBF(3) Exercising option for taxation of royalty income On or before the due date of submission of in respect of patent developed and registered in return of income under section 139(1) India for any previous year in accordance with (applicable from the assessment year 2017-18) the provisions of section 115BBF(1) [As amended by Finance Act, 2016] Section 115-O(3) Deposit of tax on distributed profits of domestic Within 14 days from date of declaration, companies distribution or payment of dividends whichever is earlier Section 115QA(3)(From 1/06/2013) Deposit of tax to credit of Government in case Within 14 days from date of payment of any of distributed income of domestic company for consideration to the shareholder on buy-back of buy-back of shares shares Section 115R(3) Deposit of tax on distributed income of Within 14 days from the date of distribution or UTI/Mutual Fund payment of income, whichever is earlier Section 115R(3A) [Omitted with effect from assessment year 2015-16] Furnishing statement in prescribed form to On or before 15th September in each year prescribed income-tax authority giving details of income distributed to unit holders, tax paid thereon, etc. Section 115TA(2) (From 1/06/2013) Deposit of tax to credit of Government in case Within 14 days from date of distribution or of income distributed by securitization trust payment of such income, whichever is earlier Section 115TA(3) [Omitted with effect from assessment year 2015-16] Person responsible for making payment of income On or before 15th September in each distributed by securitisation trust to furnish to prescribed year income-tax authority, statement in prescribed form and verified in prescribed manner giving details of amount of income distributed to investors during the year, the tax paid thereon and other relevant prescribed details Section 115TD(1) Transfer of all assets in case of dissolution of a Within 12 months from the end of the [As amended by Finance Act, 2016] charitable trust to another charitable trust to avoid tax on month in which dissolution takes place accreted income (applicable from June 1, 2016) Section 115TD(5) Payment of tax on accreted income of trust [Inserted by the Finance Act, 2016 w.e.f. 1-6-2016] Within 14 days from: a) The date on which – ‐ Period for filing appeal under Section 253 against order cancelling /rejecting registration expires and no appeal has been filed by trust; ‐ The order, confirming the cancellation of registration or application, is received by trust; b) The end of the previous year in a case ‐ where trust has modified its objects which do not conform to the conditions of registration, and ‐ it has not applied for fresh registration; c) The date of merger of trust [ if its merger is with any entity other than an entity which is a trust or institution having objects similar to it and registered under Section 12AA] The date on which the period of twelve months expires [ As specified under Section 115TD(1)(c) for transfer of assets on dissolution of trust] Section 115U(2) Person responsible for making payment of income on 30th November of financial year behalf of venture capital company/fund and venture following the year during which such capital company/fund to furnish to person receiving such income is distributed income and to prescribed income-tax authority, statement in prescribed form and verified in prescribed manner, [As amended by Finance Act, 2016] giving details of nature of income paid during the year and such other relevant details as may be prescribed Section 115UA Any person responsible for making payment of On or before 30th November of financial year income distributed on behalf of a business trust following the year during which such income to a unit holder shall furnish a statement to the is distributed Principal Commissioner of Income-tax or Commissioner of Income-tax in Form No. 64A, giving details of income distributed during the year. Any person responsible for making payment of On or before 30th June of financial year income distributed on behalf of a business trust following the year during which such income to a unit holder shall furnish a statement to this is distributed effect to the unit holder in Form No. 64B, 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 Within 3 months of incorporation being a qualifying company - Existing company which becomes a qualifying Within 3 months of it becoming a qualifying company company after 1-1-2005 Section 115VP(4) Joint Commissioner passing order under sub- Within one month from end of month in which section (4) of section 115VP application under section 115VP(1) was received Section 124(3) Challenging jurisdiction Assessing Officer's 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 the completion of assessment, whichever is earlier b) Where no return is made before the expiry of time allowed by notice under section 142(1) or under section 148 for making the return or under section 144 for [As amended by Finance Act, 2016] showing cause why best judgment assessment should not be made, whichever is earlier Section 131(3) Retention of impounded books or documents by Assessing Not more than 15 days (exclusive of Officer/Assistant Director without obtaining approval of holidays) Principal Chief Commissioner or Chief Commissioner or Principal Director General or Director General or Principal Commissioner or Commissioner or Principal Director or Director Section 132(8) Retaining books of account or other documents Not more than 180 days [30 days from the date seized under section 132(1) or 132(1A) by of assessment order under section 153A or authorised officer without approval of Principal section 158BC(c)] Chief Commissioner or Chief Commissioner or Principal Director General or Director General or Principal Commissioner or Commissioner or Principal Director or Director Section 132(8A) Period for which order passed under section 60 days from date of order 132(3) to remain in force Section 132(9A) Handing over of books, etc., to ITO having 60 days from date on which last jurisdiction authorisations for search was executed of 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 for release of asset explaining nature and source of acquisition of asset Within 30 days from end of the month in which asset was seized [As amended by Finance Act, 2016] 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/Director General/Principal Commissioner/ Principal Director/Commissioner/Director Not more than 15 days (exclusive of holidays) Section 139(1) (a) Filing of return by any company other than September 30 of the assessment year covered in (c) below (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 September 30 of relevant assessment year or where accounts of the firm in which taxpayer is a working partner are required to be audited (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 November 30 of the assessment year (corporate/non-corporate) is required to furnish a report in Form No. 3CEB under section 92E Section 139(3) Filing of return of loss Within the time allowed under section 139(1) Section 139(4) Filing belated return of income Before the end of the relevant assessment year or before completion of assessment, whichever is earlier. Section 139(4A) Filing return by every person receiving income in Within time allowed under section 139(1) respect of which he is assessable as a representative assessee from property held under trust/legal obligation wholly or partly for charitable or religious purposes, etc., if total income exceeds maximum [As amended by Finance Act, 2016] amount not chargeable to tax Section 139(4B) Filing of return by every political party by its Within time allowed under section 139(1) chief executive officer Section 139(4C) Filing return by every (a) research association Within time allowed under section 139(1) referred to in section 10(21), (b) news agency referred 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/other educational institution/ medical institution referred to in sub-clause (iiiad), (iiiae), (iv), (v), (vi) or (via) of section 10(23C), (ea) Mutual Fund referred to in section 10(23D), (eb) Securitisation Trust referred to section 10(23DA), (ec) venture capital company or venture 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 section 10(46) and (h) infrastructure debt fund referred to in section 10(47), if the total income without 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 Within time allowed under section 139(1) 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 Section 139(4E) Filing return of income by every business trust Within time allowed under section 139(1) which is not required to file return of income [As amended by Finance Act, 2016] or loss under any other provisions Section 139(5) Within 1 year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. Filing revised return Rectifying defect in return of income Section 139(9) Within 15 days from date of intimation by Assessing Officer or extended time Section 139A Filing application for allotment of permanent See rule 114(3) account number 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 Before furnishing return of income belated return or default or delay in payment of advance tax Section 142(1)(i) Where a person has not made a return of income After the end of relevant assessment year before the end of the relevant assessment year, the Assessing Officer may serve a notice requiring him to furnish return of income. 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 a notice served in accordance with the provisions of the Act. Section 142A(6) Sending of report by the Valuation Officer to the Within 6 months from the end of the month in Assessing Officer which a reference is made by the Assessing Officer under section 142A(1). [As amended by Finance Act, 2016] Section 143(1) Sending intimation under section 143(1) Before expiry of 1 year from end of financial year in which return is made Second proviso to Section 143(1)(a) Sending objection in response to Within 30 days of issue of such intimation intimation for adjustments under section (applicable from the AY 2017-18) 143(1)(a) Section 143(2)(ii) Serving notice in case of understatement of Before expiry of 6 months from end of financial income or under payment of tax for hearing for year in which return is furnished regular assessment/limited scrutiny assessment Section 144BA(2) Furnishing objection by taxpayer to notice of Within such period (but not exceeding 60 days) invoking GAAR provisions by Commissioner as specified in the notice (applicable from 1-4-2016) Section 144BA(13) Issuing direction by Approving Penal under Within 6 months from the end of the month in section 144BA(6) in respect of the declaration which the reference under section 144BA(4) of an agreement as an impermissible avoidance was received from the Principal Commissioner arrangement under Chapter X-A (applicable or Commissioner from 1-4-2016) Section 144C(2) Filing of response by eligible taxpayer by (a) Within 30 days of receipt by taxpayer of draft acceptance of variations to Assessing Officer, or order (b) filing his objections, if any, to such variation with the Dispute Resolution Panel and the Assessing Officer [As amended by Finance Act, 2016] Section 144C(4) Passing of assessment order under section Within one month from end of month in which 144C(3) 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 which draft order is forwarded to eligible taxpayer Section 144C(13) Completion of assessment on receipt of Within one month from end of month in which directions issued under section 144C(5) such direction is received Section 147 Reassessment where assessment has been made Within 4 years from end of relevant assessment under section 143(3) or 147 year [unless escapement of income is because of taxpayer's failure to file return under section 139 or in pursuance of notice under section 142(1) or 148 or to disclose fully and truly all material facts or unless escapement of income is in relation to any asset located outside India] Section 149(1) Issuing notice under section 148 in cases subjected to scrutiny by way of assessment under section 143(3) or 147 : If the escaped income— Within 4 years from end of relevant (i) is less than Rs. 1,00,000 assessment year Within 6 years from end of relevant (ii) is Rs. 1,00,000 or more assessment year (iii) is in relation to any asset (including financial Within 16 years from end of relevant assessment year interest in any entity) located outside India Section 149(3) Issuing notice under section 148 to person who Within 6 [As amended by Finance Act, 2016] years from end of relevant has been treated as agent of non-resident under assessment year section 163 Section 150 Issuing notice under section 148 for No time limit assessment/reassessment/recomputation pursuant to any finding or direction in an order passed : (i) by any authority in any proceeding under Income-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 Within 21 months from end of the assessment 144 year in which income was first assessable. [Inserted by the Finance Act, 2016 w.e.f. 1-62016] Note: If reference is made to TPO, the period available for assessment shall be extended by 12 months Section 153(2) Making assessment/reassessment, etc., under Within 9 months from end of the financial year section 147 in which notice under section 148 was served. [Inserted by the Finance Act, 2016 w.e.f. 1-62016] Note: If reference is made to TPO, the period available for reassessment shall be extended by 12 months. Section 153(3) An order of fresh assessment in pursuance of Within 9 months from end of the financial order under section 254, 263, or 264, setting year in which order under section 254 is aside or cancelling assessment received by [Inserted by the Finance Act, 2016 w.e.f. 1-6‐ Principal Chief Commissioner or 2016] ‐ Chief Commissioner or ‐ Principal Commissioner or [As amended by Finance Act, 2016] ‐ ‐ Commissioner or, as the case may be an order under section 263/264 is passed by Principal Commissioner or Commissioner Note: If reference is made to TPO, the period available for assessment shall be extended by 12 months. Section 153(5) Giving effect to an order [under Section Within a period of 3 months from the end of 250/254/260/262/263/264] by AO wholly or the month in which order is received by partly, otherwise than by making a fresh ‐ Principal Chief Commissioner or assessment or reassessment ‐ Chief Commissioner or [Inserted by the Finance Act, 2016 w.e.f. 1-6‐ Principal Commissioner or 2016] ‐ Commissioner, ‐ As the case may be the order under Section 263/264 is passed by the Principal Commissioner or Commissioner Section 153(6)(i) An order of assessment, reassessment or Within 12 months from the end of the month recomputation on assessee or any person in in which such order is received or passed by consequence of or to give effect to any finding or the Principal Commissioner or direction contained in Commissioner, as the case may be ‐ An order under 250/254/260/262/263/264 or Section ‐ An order of any court in a proceedings otherwise than by way of appeal or reference [Inserted by the Finance Act, 2016 w.e.f. 1-62016] Section 153(6)(ii) An order of assessment on a partner of the firm Within 12 months from the end of the month in in consequence of an assessment made on the which the assessment order in case of firm is firm under Section 147. passed. [Inserted by the Finance Act, 2016 w.e.f. 1-6- [As amended by Finance Act, 2016] 2016] Section 153B Passing assessment order under section Within a period of 21 months from end of the 153A financial year in which the last of the authorizations for search/requisition under section 132/132A was executed. This period cannot be less than 9 months from the end of the financial year in which books of account, etc., are handed over under section 153C to the concerned Assessing Officer. [Inserted by the Finance Act, 2016 w.e.f. 1-6-2016] Section 154 Rectifying any mistake apparent from record by Within 4 years from end of financial year income-tax authority referred to in section 116 to— in which order sought to be amended is passed, or within 6 months from the end (i) amend any order passed by it of the month in which the application is (ii) amend any intimation or deemed intimation received by the income-tax authority, under section 143(1) whichever is earlier (iii) amend any intimation under section 200A(1) Section 155(1)/(2) Amending assessment order of partner of firm or Within 4 years from end of financial member of AOP/BOI for inclusion of correct share year in which final order is passed in from firm/AOP/BOI case of firm/AOP/BOI Section 155(1A) Amending assessment order of partner for adjusting Within 4 years from end of financial income from firm to the extent not deductible under year in which final order was passed in section 40(b) case of the firm Section 155(4) Recomputing total income for succeeding year(s) Within 4 years from end of financial year in respect of loss or depreciation recomputed in which order under section 147 is passed under section 147 [As amended by Finance Act, 2016] Section 155(4A) Withdrawing investment allowance allowed under section 32A if— Within 4 years from end of the year in (a) asset is sold/transferred within 8 years from which sale/transfer took place end of the year in which it was acquired (b) investment allowance reserve is not utilised for 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 10 years of end of the year in which asset was acquired Within 4 years from end of the year in which amount is so misutilised Section 155(5A) Withdrawing development allowance under Within 4 years from end of the year in section 33A if within 8 years land is sold or which sale took place or reserve is so reserve is misutilised misutilised Section 155(5B) Recomputing total income where weighted Within 4 years from end of the year in deduction in respect of expenditure on scientific which period allowed for completion of research under section 35(2B) is deemed to scientific research programme has expired have been wrongly allowed Section 155(7) Recomputing distributable income and Within 4 years from end of financial year in additional tax liability under section 104 which final order was passed Section 155(7B) Recomputing deemed capital gains under Within 4 years from end of the year in which section 47A capital asset is converted into stock-in-trade or in which parent company/holding company ceases to have 100 per cent shareholding in subsidiary company Section 155(10A) Amending order of assessment so as to exclude Within 4 years from end of financial year in [As amended by Finance Act, 2016] unadjusted amount of capital gain on long-term capital asset not chargeable under section 54E(1) which original assessment is made Section 155(11) Amending order of assessment to exclude Within 4 years from end of the year in which capital gain not chargeable under section 54H compensation was received Section 155(11A) Amending order of assessment so as to allow Within 4 years from end of the year in deduction under section 10A, 10B or 10BA in which such income is received in, or respect of income received in or brought into brought into, India India Section 155(12) Amending order of assessment to allow Within 4 years from end of the year in which deduction under section 80-O income is received or brought into India ; however, the period from 1-4-1988 to 30-91991 shall be excluded Section 155(13) Amending order of assessment so as to allow Within 4 years from the end of the year in deduction u/s 80HHB, 80HHC, 80HHD, which such income is so received in, or 80HHE, 80-O, 80R, 80RR or 80RRA in brought into India respect of convertible foreign exchange earnings not brought into India initially but received or brought into India subsequently Section 155(14) Amending order of assessment/intimation under Relevant tax deduction/collection section 143(1) to give credit for tax certificate should be produced before deducted/collected not given earlier on ground Assessing Officer within 2 years from the that tax deduction/collection certificate was not end of assessment year in which income is filed with return assessable. Section 155(15) Amending order of assessment so as to compute Within 4 years from the end of the year in [As amended by Finance Act, 2016] capital gain by taking the full value of consideration to be the value adopted/assessed by stamp duty authorities (section 50C) as revised in appeal/revision/reference which the order revising the value was passed in that appeal/revision/reference Section 155(16) Amending order of assessment so as to compute Within 4 years from the end of the year capital gain on compulsory acquisition, etc., by in which order reducing compensation taking the full value of consideration to be the was passed compensation/consideration as reduced by any court, tribunal or other authority Section 155(17) Amending order of assessment so as to Within 4 years from the end of the year in withdraw deduction under section 80RRB which order of Controller/High Court was allowed earlier where by a subsequent order of passed 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 Section 158AA(1) Filing an application by the Assessing Officer Within a period of 60 days from date of receipt to the Appellate Tribunal for the matter of order of Commissioner of Income-tax prescribed under section 158AA(1) (Appeals) Section 158AA(4) Filing an appeal to the Appellate Tribunal in a Within a period of 60 days from date of case where order of the Commissioner of communication of order of Supreme Court in Income-tax (Appeals) under section 158AA(1) the other case. is not in conformity with the final decision of the Supreme Court on the question of law in the other case. Section 158BE(1) Passing of order under section 158BC Within a period of 2 years from the end of the [As amended by Finance Act, 2016] relevant month (in a case of search or requisition which took place on or after 1-11997). Section 158BE(2) Period of limitation for completion of block Within a period of 2 years from the end of the assessment in the case of other person referred relevant month in which the notice under Chapter XIV-B was served (in a case of search to in section 158BD or requisition which took place on or after 1-11997). Section 158BFA(3) Passing order for imposing penalty under section 158BFA(2) In a case where the assessment is the subjectmatter of an appeal to the Commissioner of Income-tax (Appeals) under section 246 or section 246A or an appeal to the Appellate Tribunal under section 253, after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of 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/Principal Commissioner/Chief Commissioner or Commissioner, whichever period expires later. In a case where the assessment is the subjectmatter of revision under section 263, after the expiry 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 expiry of the financial year in which the proceedings in the course of which action for the imposition of penalty has been initiated are [As amended by Finance Act, 2016] completed 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 Within 3 months from trust' into 'trust declared by a duly executed declaration of 'oral trust' instrument in writing' date of Section 172(3) Return of full amount paid or payable to nonBefore departure of ship from any port resident owner or charterer of ship towards in India, or within 30 days thereafter if passenger fares, freight, etc., to be furnished by permitted by Assessing Officer master of ship to Assessing Officer Section 172(4A) Passing order, assessing income and Within 9 months from end of financial year determining tax payable thereon under section in which return under section 172(3) is 172(4). furnished (by 31-12-2008 where return is furnished before 1-4-2007) Section 172(7) Submission of claim by owner or charterer of Before expiry of assessment year relevant to ship that assessment be made and tax payable the year in which ship has departed from by him be determined in accordance with other Indian port provisions of the Act Section 176(3) Giving notice of discontinuance of Within 15 days of discontinuance business/profession to Assessing Officer Section 178(1) Giving notice of appointment as liquidator to Within 30 days of appointment Assessing Officer Section 178(2) [As amended by Finance Act, 2016] 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 the assessment year in respect of which assessment as a firm is first sought. Section 192 Filing return of deduction of tax from contributions Within 2 months from end of financial paid by the trustees of an approved superannuation year fund Section 194C(7) Person responsible for paying/ crediting any sum Within such time as may be prescribed to contractor during course of business of plying, hiring or leasing goods carriages to furnish prescribed particulars to prescribed income-tax authority Section 197A(2) Delivering to Principal Chief Commissioner or Chief On or before the 7th day of the month Commissioner or Principal Commissioner or next following the month in which Commissioner one copy of declaration required to be declaration is furnished filed under section 197A(1) or 197A(1A) or 197A(1C) Section 200(1) Paying tax deducted at source under sections 192 to Within time limit as prescribed under 196D rule 30 Section 200(3) [As amended by Finance Act, 2016] Preparation and filing of prescribed statements of tax deducted for periods ending on June 30, September 30, December 31 and March 31 Where deductor is a person other than an office of 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 of quarter 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 ending 30th June, 30th September and 31st December and in respect of quarter ending 31st March, on or before 15th May of the financial year immediately 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. Intimation under section 200A(1) Section 200A 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 Within 7 years from the end of the financial default for failure to deduct whole or any year in which payment is made or credit is part of tax from a person resident in India given, whether the statement is filed or not. Section 203 Issuance of certificate of tax deducted at Form No. 16: By 31st May of the financial source year 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, 30th September & 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 which deduction is made Form No. 16B (Section 194-IA): Within 15 days from the due date for furnishing challan [As amended by Finance Act, 2016] cum 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 Within one month from the end of the Tax Deduction and Collection Account Number 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 section Within 15 days from the date of intimation 206(2) of the defect by Assessing Officer or extended time Section 206A(1) Furnishing of prescribed statement in respect of On or before 31st July, 31st October, payment of interest to residents without TDS by 31st January and 30th June following banking company, co-operative society or public respective quarter of financial year company referred to in proviso to section 194A(3)(i) Section 206A(2) Furnishing of prescribed statement by persons Within such time as may be prescribed. notified by Central Government Section 206C(3) Payment of tax collected from the respective buyers Within time limit as prescribed in rule of specified goods under section 206C(1) to the credit 37CA of Central Government or as the Board directs Section 206C(3) (proviso) [As amended by Finance Act, 2016] Preparation and filing of prescribed statements of tax collected for periods ending on June 30, September 30, December 31 and March 31 On or before 15th July, 15th October, 15th January 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 the financial year in which collection is made (Form No. 27EQ) Section 206C(5) Person collecting tax under section On or before 30th July, 30th October, 30th January 206C(1) from respective buyers to give of the financial year in respect of the quarter ending them a certificate in Form 27D about 30th June, 30th September and 31st December of the amount and rate of tax collected, etc. the financial year. For quarter ending 31st March, on or before 30th May of the financial year immediately following the financial year in which collection is made Section 206C(5)(2nd proviso) Prescribed income-tax authority or person 31st July following the financial year authorised by such authority to prepare and deliver during which taxes were collected or to buyer/licensee/lessee, a statement in the paid (Form No. 26AS) prescribed form specifying amount of tax collected or paid after the end of each financial year beginning on or after 1-4-2008 Rectifying defect in return filed Section 206C(5D) 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 Within a period of one year from end of payable/refundable under section 206CB(1)(d) financial year in which statement under section 206C is filed. Section 211(1) Payment of advance tax in specified installments: (a) In case of all the assessees (other than the eligible assessees as referred to in section [As amended by Finance Act, 2016] 44AD) : (i) Up to 15 per cent On or before 15th June (ii) Up to 45 per cent On 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 eligible assessee as referred to in Section 44AD: (i) Up to 100 per cent On or before 15th March Note: Any advance tax paid on or before 31st day of March shall also be treated as paid during the same financial year [Inserted by the Finance Act, 2016 w.e.f. 1-6-2016] Section 211(2) Payment of the appropriate part or whole amount of On or before each date specified in advance tax as demanded under section 210(3) and section 211(1) falling after date of (4) after the due dates of instalment service of demand notice Section 220(1) Payment of amount other than advance tax in Within 30 days of service of demand response to notice under section 156 notice or within date extended on request or within shorter period, specified in revenue's interest Section 220(2A) Order accepting/rejecting the application of assessee Within 12 months from the end of the for waiver of interest payable under section 220(2) month in which the application is received (applicable from June 1, 2016) Note: Order pertaining to an application pending as on June 1, 2016 can be passed on or before May 31, 2017 Making claim for refund Section 239(2)(c) Within 1 year from last day of relevant assessment year Section 245C(1) Application for settlement of case to Settlement At any stage during the pendency of a [As amended by Finance Act, 2016] Commission case before the Assessing Officer Section 245C(1E) Application for settlement before Settlement Not before 120 days of seizure Commission under sub-section (1) where books of account, documents, etc., have been seized Rejecting/allowing settlement the Section 245D(1) application for Within 7 days, notice shall be issued to the applicant to justify admission of his application; within 14 days from the receipt of application, the order pertaining to rejecting/allowing the application shall be made Section 245D(2B) Calling report by the Settlement Commission from Within 30 days from the date of receipt Principal Commissioner or Commissioner of application Submission of report by the Principal Within 30 days from the date of Commissioner or Commissioner to Settlement communication from the Settlement Commission Commission Section 245D(2C) Declaring application as invalid by the Settlement Within 15 days from the date of receipt Commission of report from the Principal Commissioner or Commissioner Section 245D(3) Furnishing a report by the Principal Commissioner Within 90 days from the date of receipt or Commissioner to the Settlement Commission in of communication from the Settlement the matters covered by the application Commission Passing order of settlement Section 245D(4A) Within 18 months from the end of the month in which 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 31-52010) (In respect of applications referred to in [As amended by Finance Act, 2016] section 245D(2A) to (2D) : on or before 31-32008) Section 245D(6B) Rectification application by the Principal Within a period of six months from the end of Commissioner/Commissioner/Applicant to the the month in which the order under section Settlement Commission 245D(4) is passed. Amendment to any order of Settlement Within a period of six months from the date on Commissioner to rectify any mistake apparent which the order under section 245D(4) is from the record. passed or Within a period of six months from the end of the month in which the application for rectifying any mistake apparent from the record has been made by the Principal Commissioner/Commissioner/Applicant. Section 245D(7) Completion of proceedings where settlement Within 2 years from the end of the becomes void as provided in section 245D(6) financial year in which the settlement becomes void Section 245E, proviso Reopening of completed proceedings by Reopening of proceeding is not possible Settlement Commission if an application is made where period between end of assessment before 1-6-2007 year to which proceeding relates and the date of application for settlement under section 245C exceeds 9 years 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 Within 30 days from date of payment of tax or section 195 within extended time [As amended by Finance Act, 2016] b) Relating to any assessment or penalty c) In any other case Within 30 days from date of service of demand notice or within extended time 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) Filing appeal to Tribunal Section 253(3)/(5) Within 60 days from date on which order sought to be appealed against is communicated or within extended time [30 days in case of appeal against 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 or Within 60 days of the date on which Commissioner to Tribunal if he objects to any the order sought to be appealed against direction issued by Dispute Resolution Panel is passed by the Assessing Officer in pursuance of directions of the Dispute Resolution Panel Section 253(4)/(5) 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 6 months from the end of the month in which the order was passed [Inserted by the Finance Act, 2016 w.e.f. 1-6-2016] Section 254(2A) Disposal of appeal by Appellate Tribunal 4 years from end of financial year in which [As amended by Finance Act, 2016] filed under sub-section (1)/(2) of section 253 appeal is filed (where it is possible). Where an order of stay is made in proceedings relating to appeal filed under section 253(1), Tribunal shall dispose of appeal within 180 days from date of such order or within extended time not exceeding 365 days including original period of 180 days, failing which stay order shall 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 of Within 120 days of date of Tribunal communication of order Note: High Court can admit an appeal after the expiry of the said period of 120 days if it is satisfied that there was sufficient cause for not filing the appeal within the said period. Section 263(2) Revising orders prejudicial to revenue by Principal Within 2 years from end of financial Commissioner or Commissioner year in which order sought to be revised 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 Section 264(2) Revision of orders by Principal Commissioner orCommissioner on his own motion (not prejudicial to taxpayer) No time limit Within 1 year of order sought to be revised Section 264(3) Filing revision petition to Principal Commissioner Within 1 year from date of orCommissioner (order not to be prejudicial to communication of order sought to be taxpayer) revised or date of his knowledge in respect thereof or within extended time [As amended by Finance Act, 2016] Section 264(6) Passing order on revision application made by Within 1 year from the end of the taxpayer on or after 1-10-1998 financial year in which application is made Section 270AA(2) Application to the Assessing Officer to grant Within one month from the end of the immunity from imposition of penalty under section month in which such order is received 270A and initiation of proceedings under section 276C or under section 276CC Section 270AA(4) Passing an order by the Assessing Officer granting Within one month from the end of the immunity from passing of penalty, etc., under month in which application under section 270AA(3) section 270AA(1) is received Section 271GB(4)(b) Time-limit for informing the inaccuracy in report Within a period of fifteen days of furnished under section 286 and furnish correct discovery of inaccuracy reportto the prescribed authority to avoid penalty Section 273A(4A) Passing order for accepting or rejecting the Within a period of twelve months from the application filed under section 273A(4), in full or in end of the month in which the application part, to reduce or waive the penalty is received by the Principal Commissioner or the Commissioner (such order can be passed on or before May 31, 2017 in case of application pending as on June 1, 2016) Section 273AA(3A) Passing order by the Principal Commissioner or the Within a period of twelve months from the Commissioner accepting or rejecting the application end of the month in which the application filed under section 273AA(1) in full or in part, to is received by the Principal Commissioner grant immunity from penalty. or the Commissioner (such order can be passed on or before [As amended by Finance Act, 2016] May 31, 2017 in case of application pending as on June 1, 2016) Section 275 Imposing penalties Chapter XXI : under (a) in a case where appeal is filed to Commissioner (Appeals)/Tribunal Before the expiry of financial year in which proceedings which 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 the Principal 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 of financial 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. (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 of month in which penal action is initiated, whichever is later Section 275(1A) Imposing/enhancing/reducing/cancelling penalty or dropping 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 of appeal to Commissioner (Appeals)/Tribunal/High Court/Supreme Court or revision and an order imposing Within 6 months from end of the month in which order of Commissioner (Appeals)/Tribunal/ High Court/Supreme Court is received by the Principal Chief Commissioner or Chief [As amended by Finance Act, 2016] or enhancing or reducing or cancelling penalty or dropping 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 Chief Commissioner or Principal Commissioner or Commissioner or order of revision is passed Provisional taxpayer attachment of Commissioner or Principal Commissioner or Commissioner or order of revision is passed Section 281B(2) assets of Attachment shall cease to have effect after expiry of six months (extendable upto 2 years or up to 60 days after the date of assessment or reassessment, whichever is later) from date of order Section 281B(4) Submitting report by Valuation Officer to determine Within a period of 30 days from the fair value of property provisionally attached by AO. date of receipt of such reference [Inserted by the Finance Act, 2016 w.e.f. 1-6-2016] Section 281B(5) An order revoking the provisional attachment of ‐ Within 45 days from the date of receipt property on furnishing of Bank Guarantee. of the bank guarantee, where a reference to the Valuation Officer has (subject to conditions) been made or [Inserted by the Finance Act, 2016 w.e.f. 1-6-2016] ‐ Within 15 days from the date of receipt of bank guarantee in any other case. Section 281B(7) Invoking Bank Guarantee by AO if the assessee 15 days before the expiry of the fails to renew the guarantee or fails to furnish a new Guarantee. Guarantee [Inserted by the Finance Act, 2016 w.e.f. 1-6-2016] Section 285 [As amended by Finance Act, 2016] Preparation and delivery of statement in prescribed form containing prescribed particulars by non-resident having liaison office in India set up in accordance with guidelines issued by RBI under FEMA, 1999 May 30 after the end of the financial year. Section 285B 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 To be prescribed reportable account (Previously called as ‘Annual Information Return’) Section 285BA(4) Rectifying defect in statement of financial Within 30 days(or such extended time transaction or reportable account filed under section as may be allowed on application) from 285BA as required by prescribed income-tax date of intimation of defect authority Section 285BA(5) Furnishing of statement under section 285BA in Within period not exceeding 30 days response to notice from prescribed income-tax from date of service of notice. authority by person who has failed to furnish statement within time Section 286(2) Furnish a report for every reporting accounting year on or before the due date of submission by a parent entity or the alternate reporting entity, of return of income under section resident in India, to the prescribed authority in 139(1) respect of the international group of which it is a constituent. [As amended by Finance Act, 2016] Section 286(6) Producing information/document to the prescribed Within thirty days of the date of receipt authority for the purpose of determining accuracy of of the notice report furnished by any reporting entity (Prescribed authority on an application made by reporting entity may extend the period of thirty days by a further period not exceeding thirty days) [As amended by Finance Act, 2016] 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. [As amended by Finance Act, 2016] 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. [As amended by Finance Act, 2016] 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) 30th June (b) 30th September (c) 31st December (d) 31st 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. [As amended by Finance Act, 2016]