The existing provisions of section 153 and 153B, inter alia, provides the time limit for completion of  assessment and reassessment  of  income  by  the  Assessing  Officer.  Time  limits  have  been  provided  for  completion  of  assessment  or reassessment under section 143(3), 147, 153A, 153C, etc. Further, these time limits get extended if a reference is made under section 92CA to the Transfer Pricing Officer during the course of assessment/reassessment proceedings.  These time limits are either from the end of the financial year in which the notice for initiation of the proceedings was served or from the end of the assessment year to which the proceedings relate.

It is proposed to amend the aforesaid sections, i.e., 153 and 153B so as to provide that the time limits for completion of assessments and reassessments shall respectively be increased by three months.

The existing period and the new extended period for completion of pending proceedings and subsequent proceedings under these provisions is given below:

Limitation of time

Proceedings under sectionCurrent time allowedProposed Period

143

21 months from the end of the A.Y.24  months
143 and 92CA33 months from the end of the A.Y.36  months

148

9 months from the end of the F.Y. in which notice issued12  months
148 and 92CA21 months from the end of the F.Y. in which notice issued24  months
250 or 254 or 2639 months from the end of the F.Y. in which order received12  months
250 or 254 or 263, and 92CA21 months from the end of the F.Y. in which order received24  months

 Consequential amendments have been made in the provisions of section 17A of the Wealth-tax Act for increasing the time limit by three months for completion of assessment/reassessment proceedings.

These amendments will take effect from 1st July, 2012.

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