The Income-tax Act prescribes specific limitation periods for a wide range of procedures, applications, and statutory compliances to ensure timely reporting, assessment, and regulatory oversight. These timelines apply to matters such as applications for notifications, filing statutory forms, submission of certificates, approval processes, and settlement-related actions. For instance, applications by infrastructure capital companies or funds seeking notification for zero-coupon bonds must be filed at least three months before the proposed issue date, while certificates specifying yearly investment amounts are required within two months from the end of each financial year. Foreign company share transfer details under Section 9(1) must be electronically filed within 90 days, and investment funds must upload Form 3CEK within 90 days of the financial year’s end. Various charitable and exempt institutions governed under Section 10(23C) follow structured filing and approval timelines depending on approval status, commencement of activities, or expiry of past approvals, all of which include limits extending up to October 2024. Similarly, the authority passing approval orders must adhere to strict deadlines ranging from one to six months from the end of the month of application.
Timelines also apply to matters related to tax demands, waivers, refunds, and settlement proceedings. Under Section 220, tax demanded under a notice must be paid within 30 days unless extended or shortened in revenue interest, and waiver applications for interest under Section 220(2) must be disposed of within 12 months. Applications for refund of TDS under Section 195 (Section 239A) require filing within 30 days of payment, and orders must be passed within six months. Settlement Commission procedures involve multiple stages with defined timelines such as calling for reports, issuing notices, declaring applications invalid, and passing settlement orders within prescribed periods, including 7-day, 14-day, 30-day, 90-day, or 18-month limits depending on the stage. Provisions also restrict reopening of completed proceedings where more than nine years have elapsed from the end of the assessment year. Matters relating to advance rulings follow their own deadlines, including withdrawal of applications within 30 days and pronouncement within six months. Appeals to the High Court must be filed within 60 days, extendable by another 30 days.
The material also includes multiple-choice questions on limitation-related provisions, highlighting compliance expectations. These questions cover timelines for accountant reports under Section 92E, filmmaker reporting under Section 285B, retention of books under Section 133A(3), valuation reports under Section 142A(6), time limits for orders under Section 201(3), treatment of advance tax under Section 211(1), and validity of provisional attachment under Section 281B. Each answer explains the statutory requirement, reinforcing the importance of understanding precise deadlines under the Act. Overall, the detailed compilation underscores the role of limitation periods in defining procedural discipline and ensuring timely action across different functional areas of the Income-tax framework.
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.
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Section 2(48) |
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| 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 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 |
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Section 9(1) |
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| Electronically submission of information in Form No. 49D pertaining to any transfer of the Share of, or interest in, a foreign company/entity. | Within 90 days from the end of the financial year in which any such transfer takes place (within 90 days of the transaction where the transaction has the effect of directly or indirectly transferring the rights of management in relation to Indian concern) |
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Section 9A |
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| Uploading Form no. 3CEK with digital signature pertaining to eligible investment trust` | Within a period of 90 days from the end of financial year |
| Submitting report from a Chartered Accountant in Form no. 3CEJ relating to ALP in respect to the remuneration paid by an eligible investment fund to the Fund Manager | On or before the due date of submission of return of income under section 139(1) |
| Section 10(21) | |
| Furnishing (by a research association) a statement to accumulate/set apart income for future application by uploading Form No. 10 | Before the expiry of time allowed for submission of return of income under section 139(1) |
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Section 10(23C) |
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| Making an application for grant of approval by entities referred to in section 10(23C)(iv)/(v)/(vi)/(via) | |
| If entity is approved on or before 31-03- 2021 | On or before 30-06-2024 |
| If entity is approved and the period of such approval is due to expire | At least 6 months prior to expiry of said approval but before 01-10-2024 |
| Where such entity has been provisionally approved | At least 6 months prior to expiry of the period of the provisional approval; or within 6 months of the commencement of its activities, whichever is earlier but before 01-10-2024 |
| Any other case (applicable from 01-10-2023) where activities of such entity have not commenced | At least 1 month prior to commencement of the previous year relevant to the assessment year from which said approval is sought, but before 01-10-2024 |
| Any other case (applicable from 01-10-2023) where activities of such entity have commenced and no income (or part) has been excluded on account of applicability of section 10(23C) or section 11 for any previous year ending on or before the date of such application | At any time after the commencement of activities but before 01-10-2024 |
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Section 10(23C) |
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Passing an order granting approval |
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| If entity is approved on or before 31-03- 2021 | Within 3 months from end of the month in which application is received |
| If entity is approved and the period of such approval is due to expire | Within 6 months from the end of the month in which application is received |
| Where such entity has been provisionally approved | Within 6 months from the end of the month in which application is received |
| Any other case (applicable from 01-10-2023) where activities of such entity have not commenced | Within 1 month from the end of the month in which application is received |
| Any other case (applicable from 01-10-2023) where activities of such entity have commenced and no income (or part) has been excluded on account of applicability of section 10(23C) or section 11 for any previous year ending on or before the date of such application | Within 6 months from the end of the month in which application is received |
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Section 10(23C) |
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| Getting accounts audited and uploading audit report in Form no. 10BB | One month prior to the due date of furnishing return of income under section 139(1). |
| Uploading Form 10 – Exercising option available under Explanation 3(a) to third proviso to Section 10(23C) | 2 months prior to the due date specified under section 139(1). Circular No. 6/2023, dated 24-52023, provides that it can be filed upto due date of ITR. |
| Section 10A | |
| Audit report certifying the deduction claimed under section 10A | Before the specified date referred to in section 44AB |
| 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 11(1), Explanation | |
| Exercising option available under Explanation to section 11(1) by uploading Form No. 9A | 2 months prior to the due date specified under section 139(1). Circular No. 6/2023, dated 245-2023, provides that it can be filed upto due date of ITR. |
| Section 11(2) | |
| Furnishing a statement to accumulate/set apart income for future application by uploading Form No. 10 | 2 months prior to the due date specified under section 139(1). Circular No. 6/2023, dated 24-5-2023, provides that it can be filed upto due date of ITR. |
| Section 12A | |
| Making an application for registration to claim exemption under section 11/12 | |
| Trust or institution is registered under section 12A/12AA on or before 31-032021 | On or before 30-06-2024 |
| Trust or institution is registered under section 12AB and period of said registration is due to expire | At least 6 months prior to expiry of said period |
| Trust or institution has been provisionally registered under section12AB | Earlier of the following:
At least 6 months prior to expiry of the period of the provisional registration; or Within 6 months of commencement of its activities. |
| Trust or institution has become inoperative due to first proviso to section11(7) | At least 6 months prior to commencement of the assessment from which said registration is sought to be made operative |
| Trust or institution has adopted or undertaken modifications of the objects which do not conform to conditions of registration | Within a period of 30 days from date of said adoption or modification |
| In any other case (applicable from 01-10-2023) where activities of the trust/institution have not commenced | At least 1 month prior to commencement of the previous year relevant to assessment year from which the said registration is sought |
| In any other case (applicable from 01-10-2023) where activities of the trust/institution have commenced and no income (or part) has been excluded on account of applicability of Section 10(23C) or Section 11/12 for any previous year ending on or before the date of such application | At any time after the commencement of its activities |
| Getting accounts audited and uploading audit report in Form no. 10B/10BB | One month prior to the due date of furnishing return of income under section 139(1). |
| Section 12AB – Passing of order by CIT or PCIT | |
| Trust or institution is registered under section 12A/12AA on or before 31- 03- 2021 | Within 3 months calculated from end of month in which application is received |
| Trust or institution is registered undersection 12AB and period of said registration is due to expire | Within 6 months calculated from the end of quarter in which application is received |
| Trust or institution has been provisionally registered under section 12AB | Within 6 months calculated from the end of quarter in which application is received |
| Trust or institution has become inoperative due to first proviso to section11(7) | Within 6 months calculated from the end of quarter in which application is received |
| Trust or institution has adopted or undertaken modifications of the objects which do not conform to conditions of Registration | Within 6 months calculated from the end of quarter in which application is received |
| In any other case (applicable from 01-10- 2023) where activities of the trust/institution have not commenced | Within 1 month calculated from end of month in which application is received |
| In any other case (applicable from 01-10- 2023) where activities of the trust/institution have commenced and no income (or part) has been excluded on account of applicability of Section 10(23C) or Section 11/12 for any previous year ending on or before the date of such application | Within 6 months calculated from end of month in which application is received |
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Section 33AB |
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| Getting accounts audited and furnishing of audit report | One month prior to the due date of furnishing return of income under section 139(1). |
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Section 33BA |
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| Getting accounts audited and furnishing of audit report | One month prior to the due date of furnishing return of income under section 139(1). |
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Section 35 |
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| Order accepting/rejecting application made under first proviso to section 35(1) for grant of approval under section 35(1) | Within 12 months from end of month in which such application was received |
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Section 35(2AA) |
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| Filing annual audited accounts for each approved programme by the National Laboratory, etc. | October 31 each year |
| Submitting copy of audited statement of accounts for approved programmes | Within 6 months of completion |
| Passing order by the prescribed authority in Form 3CH | Within 2 months from receipt of application |
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Section 35(2AB) |
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| Electronically furnishing report by prescribed authority in relation to in-house research facility in Part A of Form No. 3CL | Within 120 days of grant of approval |
| Submitting copy of audited accounts in Form No. 3CLA to the Secretary, Department of Scientific and Industrial Research | On or before due date of submission of return of income |
| Electronically furnishing report by prescribed authority quantifying the expenditure incurred on in-house research and eligible for weighted deduction in Part B of Form No. 3CL | Within 120 days of submission of audit report |
| 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 35D/35E | |
| Getting accounts audited and uploading of audit report in Form no. 3AE | One month prior to the due date of furnishing return of income under section 139(1) |
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Section 43(5) |
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| Submitting monthly statement in Form no. 3BB by Stock Exchange in respect of transactions in which client codes have been modified after registering in the system` | Within 15 days from the last day of each month |
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Section 44AB |
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| Getting accounts audited by accountant and furnishing report | One month prior to due date of furnishing the return of income under section 139(1) |
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Section 44DA |
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| Audit report to certify the income computed by way of royalties provisions of section 44DA | One month prior to due date of furnishing the return of income under section 139(1) |
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Section 45(4) |
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| Furnishing the details of amount attributed to capital asse remaining with the specified entity by uploading Form no. 5C | On or before the due date of submission of return of income |
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Section 80G(5) |
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| Making an application for approval under section 80G(5) | |
| Re-approval of entity approved on or before 31-03-2021 | On or before 30-06-2024 |
| Renewal of approval if the entity is approved under the new approval scheme and the period of such approval is due to expire | At least 6 months prior to expiry of such Approval |
| Conversion of provisional approval to regular approval | Earlier of the following:
At least 6 months prior to expiry of the period of the provisional approval; or Within 6 months of commencement of its activities. |
| Provisional approval where activities of such entity have not commenced | At least 1 month prior to commencement of the previous year relevant to the assessment year from which said approval is sought |
| Direct regular approval where activities of such entity have commenced | At any time after the commencement of its activities |
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Passing of order by CIT or PCIT |
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| Re-approval of entity approved on or before 31-03-2021 | Within 3 months calculated from end of month in which application is received |
| Renewal of approval if the entity is approved under the new approval scheme and the period of such approval is due to expire | Within 6 months calculated from end of month in which application is received |
| Conversion of provisional approval to regular approval | Within 6 months calculated from end of month in which application is received |
| Provisional approval(applicable from 01-10- 2023) where activities of such entity have not commenced | Within 1 month calculated from end of month in which application is received |
| Direct regular approval (applicable from 01-10- 2023) where activities of such entity have commenced | Within 6 months calculated from the end of quarter in which application is received |
| Section 80G(5) | |
| Furnishing statement of donations in Form no. 10BD or certificate of donation in Form no. 10BE | On or before May 31 immediately following the financial year in which donation is received by the entity. |
| Section 80JJAA | |
| Furnishing of report in Form no. 10DA to claim deduction | One month prior to due date of furnishing the return of income 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 |
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Section 90/90A/91 |
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| Furnishing Form no. 67 and certificate or statement referred to in Rule 128 with respect to Foreign Tax Credit | Return filed under section 139(1) or section 139(4):
Return filed under section 139(1) or section 139(8A):
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Section 92CA(3A) |
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| 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 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 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 |
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Section 92CD(5)(a) |
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| Passing order under section 92CD(3) in respect of modified 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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Section 92D |
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| Furnishing information/documents required by revenue authorities | Within a period of 10 days from the date of receipt of a notice issued in this regard, and such period may be extended by a further period not exceeding 30 days |
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Section 92E |
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| Furnishing report of accountant | 31 st October of relevant assessment year |
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Section 115BA |
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| Option to opt for concessional tax rate of 25% by certain domestic companies | On or before due date of furnishing first return of income under section 139(1) |
| Section 115BAA | |
| Option to opt for concessional tax rate of 22% by certain domestic companies | On or before due date of furnishing return of income under section 139(1) |
| Section 115BAB | |
| Option to opt for concessional tax rate of 15% by new manufacturing domestic companies | On or before due date of furnishing first return of income under section 139(1) |
| Section 115BAC(6) |
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| Option to opt for old tax regime by an individual, HUF, AOP, BOI, Artificial Judicial Person | On or before due date of furnishing return of income under section 139(1) |
| Section 115BAD | |
| Option to opt for concessional tax rate of 22% by resident co-operative societies | On or before due date of furnishing return of income under section 139(1) |
| Section 115BAE | |
| Option to opt for concessional tax rate of 15% by new manufacturing resident co-operative society | On or before due date of furnishing first return of income under section 139(1) |
| Section 115BBF(3) | |
| Exercising option for taxation of royalty income in respect of patent developed and registered in India for any previous year in accordance with the provisions of section 115BBF(1) | On or before the due date of submission of return of income under section 139(1) |
| Section 115JB(4) | |
| Obtaining a certificate from a chartered accountant in Form No. 29B pertaining to computation of book profit in the case of a company | Before the specified date referred to in Section 44AB |
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Section 115JC(4) |
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| Obtaining a certificate from a chartered accountant in a prescribed form pertaining to computation of alternate minimum tax and adjusted total income in the case of a limited liability partnership | Before the specified date referred to in Section 44AB |
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Section 115JG(3) |
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| Recomputing income to withdraw the benefit, exemption or relief claimed under section 115JG(1) in case of failure to comply with the conditions of RBI scheme or notification of the Government (applicable from the assessment year 2013-14) | Within 4 years from the end of the previous year in which failure to comply with condition takes place |
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Section 115R(3) |
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| 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 |
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Section 115TCA(4) |
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| Furnishing statement to PCIT/CIT of income paid or credited by a securitisation trust in Form No. 64E | November 30 immediately after the end of the financial year |
| Furnishing statement to investors of income distributed by a securitisation trust in Form No. 64F | June 30 immediately after the end of the financial year |
| Section 115TD(1) | |
| Transfer of all assets in case of dissolution of a charitable trust to another charitable trust to avoid tax on accreted income | Within 12 months from the end of the month in which dissolution takes place (applicable from June 1, 2016) |
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Section 115TD(5) |
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| Payment of tax on accreted income | Within 14 days from the date of merger or the date on which the order cancelling the registration is received or the date on which the order rejecting application for fresh registration is received, etc. (applicable from June 1, 2016) |
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Section 115U(2) |
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| Person responsible for making payment of income on behalf of venture capital company/fund and venture capital company/fund to furnish to person receiving such income and to prescribed income-tax authority, statement in prescribed form and verified in prescribed manner, giving details of nature of income paid during the year and such other relevant details as may be prescribed | 30th November of financial year following the year during which such income is distributed |
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Section 115UA |
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| Any person responsible for making payment of income distributed on behalf of a business trust to a unit holder shall furnish a statement to the Principal 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 of income 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 year following the year during which such income is distributed |
| Section 115UB(7) |
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| Furnishing of statement in Form no. 64C of income distributed by an investment fund to its unit holders | 30th day of June of the financial year following the previous year during which the income is paid or credited |
| Furnishing of statement of income by an investment fund in Form no. 64D to the Principal Commissioner or the Commissioner of Income- tax | 15th day of June of the financial year following the previous year during which the income is paid or credited |
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Section 115VP |
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| 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 qualifying company after 1-1-2005 | Within 3 months of it becoming a qualifying company |
| – a unit of an IFSC, who has availed of deduction under Section 80LA | Within three months from the date deduction under Section 80LA ceases. |
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Section 115VP(4) |
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| Joint Commissioner passing order under sub- section (4) of section 115VP | Within one month from end of month in which application under section 115VP(1) was Received
Note: If an application under section 115VP(1) is received on or after April 1, 2025, the order must be issued within three months from the end of the quarter in which the application was received. |
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Section 115VR |
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| Renewal of tonnage tax scheme | Within one year from the end of the previous year in which the option ceases to have effect |
| Section 115VW | |
| Furnishing of report in Form no. 66 pertaining to tonnage tax | One month prior to due date of furnishing the return of income under section 139(1) |
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Section 115VY |
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| Opting for tonnage tax scheme by amalgamated company | Within 3 months from the date of the approval of amalgamation |
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Section 124(3) |
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| Challenging Officer’s jurisdiction Assessing | 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 showing cause why best judgment assessment should not be made, whichever is earlier | |
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Section 131(3) |
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| Retention of impounded books or documents by Assessing Officer/Assistant Director without obtaining approval of Principal Chief Commissioner or Chief Commissioner or Principal Director General or Director General or Principal Commissioner or Commissioner or Principal Director or Director | Not more than 15 days (exclusive of holidays) |
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Section 132(8A) |
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| Period for which order passed under section 132(3) to remain in force | 60 days from date of order |
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Section 132(9A) |
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| Handing over of books, etc., to ITO having jurisdiction | 60 days from date on which last of authorisations for search was executed |
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Section 132(9B) |
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| Provisional attachment of property for protecting interest of revenue | Within 60 days from the date on which the last of the authorisations for search was executed |
| Section 132(9C) | |
| Expiry of provisional attachment order made under section 132(9B) | After the expiry of 6 months from the date of such order |
| Section 132(9D) | |
| Making a reference to valuation officer to estimate fair market value of property | Within 60 days from the date on which the last of the authorisations for search was executed |
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Section 132B(1) |
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| 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 |
| 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 covered in (c) below | October 31st 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 or the spouse of such partner if the provisions of section 5A apply |
October 31st of relevant assessment year |
| (ii) in other cases | July 31 of relevant assessment year |
| (c) Filing of return where a taxpayer (corporate/non-corporate including partners of the Firm) is required to furnish a report in Form No. 3CEB under section 92E | November 30 of the assessment year |
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Section 139(3) |
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| Filing of return of loss | Within the time allowed undersection 139(1) |
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Section 139(4) |
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| Filing belated return of income | Any time before 3 months prior to 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 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 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) |
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Section 139(4C) |
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| 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. | |
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Section 139(4D) |
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| 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)
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| Section 139(4E) | |
| Filing return of income by every business trust which 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 | Any time before 3 months prior to end of the relevant assessment year or before the completion of assessment, whichever is earlier. |
| Section 139(8A) | |
| Furnishing updated return | Within 24 months from the end of the relevant assessment year. Note: With effect from 01.04.2025, the time limit for furnishing an updated return will be 48 months from the end of the relevant assessment year. |
| Section 139(9) | |
| Rectifying defect in return of income | Within 15 days from date of intimation by Assessing Officer or extended time |
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Section 139A |
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| Filing application for allotment of permanent account number | See rule 114(3) |
| Section 139A read with Rule114D |
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| Uploading half yearly statement in Form No. 61 containing particulars of declarations received in Form No. 60 during half year ending on September 30 and March 31` | Within 1 month from the half year ending on September 30 and March 31` |
| Section 139A read with Rule 114AAB |
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| Furnishing quarterly statement by specified fund/ stock broker pertaining to non-residents exempted by Rule 114AAB from operation of section 1369A (i.e. having a PAN) in Form No. 49BA` | Within 15 days from the end of each quarter |
| Section 140A(1) | |
| (i) Payment of income-tax on self-assessment | Before furnishing return of income |
| (ii)Payment of interest and fee on tax due for filing belated return or default or delay in payment of advance tax | Before furnishing return of income |
| Section 142A(6) | |
| Sending of report by the Valuation Officer 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). |
| Section 143(1) | ||
| Sending intimation under section 143(1) | Before expiry of 9 months from end of financial year in which return is made | |
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Second proviso to Section 143(1)(a) |
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| Sending objection in response to intimation for adjustments under section 143(1)(a) | Within 30 days of issue of such intimation (applicable from the AY 2017-18) |
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Section 143(2)(ii) |
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| Serving notice in case of understatement of income or under payment of tax for hearing for regular assessment/limited scrutiny assessment | Before expiry of 3 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 declaration of 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 |
| 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 the Assessing Officer | Within 30 days of receipt by taxpayer of draft Order |
| 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 which draft order is forwarded to eligible taxpayer |
| Section 144C(13) | |
| Completion of assessment on receipt directions issued under section 144C(5) of | Within one month from end of month in which such direction is received |
| Section 148 | |
| Requiring an assessee to furnish a return of income where income has escaped assessment | Within 3 months from the end of the month in which notice is issued under section 147
Note: this period may be extended by AO |
| Section 148A | |
| Furnishing of reply in response to show cause notice issued Passing order by AO whether or not it is a fit case to issue notice under section 148 | Not less than 7 days but not exceeding 30 days from date of issue of notice Within 1 month from end of the month in which the reply referred to in section 148A(c) is received by AO. If no reply is furnished, such order can be passed within 2 months from end of month in which time or extended time allowed to furnish a reply as per section 148A(b) expires. |
| Section 149(1) (applicable till 31-08-2024) | |
| Issuing notice under section 148 : | |
| If the escaped assessment amounts to or likely to amounts to— | |
| (i) less than Rs. 50,00,000 | Within 3 years from assessment year end of relevant |
| (ii) Rs. 50,00,000 or more | Within 10 years from assessment year end of relevant |
| Section 149(1) (applicable from 01-09-2024) | |
| Issuing notice under section 148 : | |
| If the escaped assessment amounts to or likely to amounts to— | |
| (i) less than Rs. 50,00,000 | Within 3 years and 3 months from end of relevant assessment year |
| (ii) Rs. 50,00,000 or more | Within 5 years and 3 months from end of relevant assessment year |
| Section 149(2) (applicable from 01-09-2024) | |
| Issuing notice under section 148A : | |
| If the escaped assessment amounts to or likely to amounts to— | |
| (i) less than Rs. 50,00,000 | Within 3 years from end of relevant assessment year |
| (ii) Rs. 50,00,000 or more | Within 5 years from end of relevant assessment year |
| Section 150 | |
| Issuing notice under section 148 for assessment/reassessment/precomputation pursuant to any finding or direction in an order passed : | No time limit |
| (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 144 | a) Within 21 months from end of the assessment year in which income was first assessable. [Applicable for assessment year 2017-18 or before] |
| b)Within 18 months from end of the assessment year in which income was first assessable. [Applicable for assessment year 2018-19] | |
| c) Within 12 months from end of the assessment year in which income was first assessable. [Applicable for assessment year 2019-20] | |
| d) Within 18 months from end of the assessment year in which income was first assessable [Applicable for assessment year 2020-21]c) Within 9 months from end of the e) assessment year in which income was first assessable. [Applicable for assessment year 2021-22] |
|
| f) Within 12 months from end of the assessment year in which income was first assessable. [Applicable for assessment year 2022-23 and onwards]
Note:
|
|
| Section 153(1B) | |
| Passing order under section 143/144 if return of income is furnished in consequence of an order under section 119(2)(b) | Within 12 months from the end of the Financial Year in which return is furnished. |
| Section 153(2) | |
| Making assessment/reassessment, etc., under section 147 | a) Within 9 months from end of the financial year in which notice under section 148 was served. [if notice is served before 01-04- 2019]
b) Within 12 months from end of the financial year in which notice under section 148 was served. [if notice is served on or after 01-04-2019] Note:
|
| Section 153(3) | |
| An order of fresh assessment ( or fresh order under section 92CA )in pursuance of order under section 254, 263 or 264 setting aside or cancelling assessment (or an order under section 92CA) | a) Within 9 months from end of the financial year in which order under section 254 is received by
– Principal Chief Commissioner or – Chief Commissioner or – Principal Commissioner or – Commissioner or, – as the case may be an order under section 263/264 is passed by Principal Commissioner or Commissioner b) Within 12 months from the end of the financial |
| Section 153(5A) | |
| Modification by the AO of an order of assessment/reassessment in conformity with TPO’s order giving effect to an order/direction under section 263/92CA | Within 2 months from the end of the month in which such order of TPO is received by the AO |
| Section 153(6)(i) | |
| An order of assessment, reassessment or precomputation on assessee or any person in consequence of or to give effect to any finding or direction contained in
– An order under Section 250/254/260/262/263/264 or – An order of any court in a proceedings otherwise than by way of appeal or reference |
Within 12 months from the end of the month in which such order is received or passed by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner as the case may be |
| Section 153(6)(ii) | |
| An order of assessment on a partner of the firm in consequence of an assessment made on the firm under Section 147. | Within 12 months from the end of the month in which the assessment order in case of firm is passed. |
| Section 153 | ||
| Passing of assessment or reassessment order where assessee exercise option to withdraw pending application before Settlement Commission under section 245M | One year after the exclusion of the period under section 245M(5) and where such period of limitation is less than one year, it shall be deemed to have been extended to one year | |
|
Section 153B |
|
| Passing assessment order under section 153A (not applicable if search is initiated under section 132 or requisition is made under section132A on or after 1st April, 2021) | a) Within a period of 21 months from end of the 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.(if search conducted in the financial year 2017-18 or before |
| b) Within a period of 18 months from end of the financial year in which the last of the authorizations for search/requisition under section 132/132A was executed. This period cannot be less than 12 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. (if search conducted in the financial year 2018-19) | |
| c) Within a period of 12 months from end of the financial year in which the last of the authorizations for search/requisition under section 132/132A was executed. This period cannot be less than 12 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. (if search conducted in the financial year 2019-20 and 2020-21) Note: For the assessment year 2021-22, assessment can be made on or before September 30, 2022. | |
| Passing of assessment order where a proceeding before the Settlement Commission abates under section 245HA | One year after the exclusion of the period under 245HA(4) and where such period of limitation is less than one year, it shall be deemed to have been extended to one year |
| Passing of assessment, reassessment or precomputation order where assessee exercise | One year after the exclusion of the period under section 245M(5) and where such period |
| option to withdraw pending application before
Settlement Commission undersection 245M |
of limitation is less than one year, it shall be deemed to have been extended to one year |
| Section 154 | |
| Rectifying any mistake apparent from record by income-tax authority referred to in section 116 to—
(i) amend any order passed by it |
Within 4 years from end of financial year in which order sought to be amended is passed, or within 6 months from the end of the month in which the application is received by the income-tax authority, whichever is earlier |
| (ii) amend any intimation or deemed intimation under 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 share from firm/AOP/BOI | Within 4 years from end of financial year in which final order is passed in case of firm/AOP/BOI |
| Section 155(1A) | |
| Amending assessment order of partner for adjusting income from firm to the extent not deductible under section 40(b) | Within 4 years from end of financial year in which final order was passed in case of the firm |
| Section 155(4) | |
| Recomputing total income for succeeding year(s) in respect of loss or depreciation recomputed under section 147 | Within 4 years from end of financial year in which order under section 147 is passed |
| Section 155(4A) | |
| Withdrawing investment allowance allowed under 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 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(5) | |
| With drawing development rebate under section 33 if asset is sold within 8 years or reserve is misutilised. | Within 4 years from end of previous year in which sale took place or reserve is so misutilised |
| Section 155(5A) | |
| Withdrawing development allowance under section 33A if within 8 years land is sold or reserve is misutilised | Within 4 years from end of the year in which sale took place or reserve is so misutilised |
| Section 155(5B) | |
| Recomputing total income where weighted deduction 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 in which period allowed for completion of scientific research programme has expired |
|
Section 155(7) |
|
| Recomputing distributable income additional tax liability under section 104 and | Within 4 years from end of financial year in which 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 company ceases to have 100 per cent shareholding in subsidiary company |
| Section 155(10A) | |
| Amending order of assessment so as to exclude unadjusted amount of capital gain on long-term capital asset not chargeable under section 54E(1) | Within 4 years from end of financial year in which 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, 10AA, 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 |
| 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 exchange earnings 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 not filed 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 is assessable. |
| Section 155(14A) | |
| Amending assessment order or intimation or deemed intimation so as to give foreign tax credit under section 90/90A/91 (earlier it was not given because the quantum of foreign tax was disputed) | Within 6 months from the end of the month in which dispute is settled (applicable from the April 1, 2018) |
| Section 155(15) | |
| Amending order of assessment so as to compute 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 |
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 the compensation/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 to withdraw deduction under section 80RRB 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 | Within 4 years from the end of the year in which order of Controller/High Court was passed |
|
Section 155(19) |
|
| Re-computing the total income of a co-operative society (engaged in the business of manufacture of sugar) for the previous year 2014-15 (or any earlier year) to allow deduction of expenditure (which was initially disallowed) incurred at a price which is equal to or less than the price fixed/approved by the Govt. for that year | On or before March 31, 2027 |
|
Section 155(20) |
|
| Submitting application by an assessee who has reported income on accrual basis but tax is deducted and paid by the deductor in later financial year | Within 2 years from the end of the financial year in which such tax was deducted |
| Amending order of assessment/intimation in the aforesaid case to allow credit of tax deducted at source in the relevant assessment year | Within 4 years from the end of the financial year in which tax has been deducted |
|
Section 155(21) |
|
| Recomputation of total income for carrying out multiyear arm’s length price determination for the two consecutive previous years immediately following the previous year for which arm’s length price is determined. | Within 3 months from the end of the month in which the assessment is completed in the case of the assessee for such previous year. If assessment / intimation of such two consecutive previous years is not made, then recomputation shall be made within 3 months from the end of the month in which assessment / intimation of such two consecutive previous years is made (Applicable from 01.04.26) |
|
Section 156 |
|
| Payment of tax on perquisite of the nature specified in section 17(2)(v) [i.e., ESOP allotted/transferred by an employer, being eligible start-up (sec. 80-IAC)] | Within 14 days – a. after the expiry of 48 months from the end of the relevant assessment year, or b. from the date of the sale of such specified security or sweat equity share by the employee; or c. from the date of the employee ceasing to be the employee of the employer who allotted or transferred him such specified security or sweat equity share, whichever is the earliest (applicable from the assessment year 2021-22) |
| 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 on 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 158AB(2) |
|
| Making an application to the Appellate Tribunal/jurisdiction High Court | Within 120 days from the date of receipt of order of the commissioner (appeals)/ Appellate Tribunal |
| Section 158AB(5) | |
| Filing appeal to the Tribunal/jurisdictional High Court | Within 60 days to the Tribunal (or 120 days to the High Court ) from the date on which the order of the High Court/ Supreme Court (in the other case) is communicated to the Principal Commissioner/Commissioner. |
| Section 158BE(1) | |
| Passing of order under section 158BC | Within 12 months from the end of the month in which the last of the authorisation for search was executed. |
| Note: with effect from 01.02.2025, the time limit will be 12 months from the end of the quarter in which the last of the authorisation for search was executed. | |
| Note: The limitation period shall be 24 months if reference is made to Transfer Pricing Officer.. | |
|
Section 158BE(3) |
|
| Period of limitation for passing order of block assessment in the cases of other person | Within 12 months from the end of the month in which the notice under section 115BC in pursuance of section 158BD was issued to such other person.
Note 1: with effect from 01.02.2025, the time limit will be 12 months from the end of the quarter in which the notice under section 115BC in pursuance of section 158BD was issued to such other person. Note 2: The limitation period shall be 24 months if reference is made to Transfer Pricing Officer. |
|
Section 158B |
|
| Passing order for imposing penalty under section 158BFA(2) | Before 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 before the end of 6 months from the end of the Financial Year in which the order of the CIT(A)/ITAT is received by the PCIT/CIT, whichever expires later. |
| Section 158BFA(3)(d) | |
| Passing order imposing penalty where the assessee is subject matter of section 263 revision | Within 6 months from the end of the Financial Year in which revision order is passed |
| Section 158BFA(3)(e) | |
| Passing order imposing penalty in any other case | Before the expiry of the Financial Year in which the proceedings in the course of which the notice for the imposition of penalty has been issued are completed or 6 months from the end of the Financial Year in which the notice for imposition of penalty is issued whichever expires later |
| Section 160(1), Explanation 1 | |
| Filing declaration by trustee(s) for converting ‘oral trust’ into ‘trust declared by a duly executed instrument in writing’ | Within 3 months from date of declaration of ‘oral trust’ |
|
Section 170A |
|
| Furnishing modified return in the case of business reorganization where prior to the order of High court/ Tribunal /Adjudicating authority, a return of income was furnished by successor under section 139 | Within 6 months from the end of the month in which said order of High court/Tribunal/Adjudicating authority is issued |
|
Section 172(3) |
|
| Return of full amount paid or payable to non- resident owner or charterer of ship toward passenger fares, freight, etc., to be furnished by master of ship to Assessing Officer | Before departure of ship from any port in India, or within 30 days thereafter if permitted by Assessing Officer |
|
Section 172(4A) |
|
| Passing order, assessing income and determining tax payable thereon under section 172(4). | Within 9 months from end of financial year in which return under section 172(3) is furnished (by 31-12-2008 where return is furnished 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 from Indian port |
|
Section 176(3) |
|
| Giving notice of discontinuance business/profession to Assessing Officer of | Within 15 days of discontinuance |
| Section 178(1) | |
| Giving notice of Assessing Officer appointment as liquidator to | 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 the assessment year in respect of which assessment as a firm is first sought. |
|
|
Section 191(2) |
|
| Payment of income-tax directly by assessee under section 191(1) on perquisite of the nature specified in section 17(2)(vi) [i.e., ESOP allotted/transferred by an employer, being eligible start-up (sec. 80-IAC)] | Within 14 days –
a. after the expiry of 48 months from the end of the relevant assessment year, or e. from the date of the sale of such specified security or sweat equity share by the employee; or |
| Section 191(1C) |
|
| Deducting/paying tax under section 192(1)/(1A) by an employer, being eligible start-up [sec. 80- IAC], on perquisite of the nature specified in section 17(2)(vi) (i.e., ESOP allotted/transferred by the employer) | Within 14 days –
a. after the expiry of 48 months from the end of the relevant assessment year, or b. from the date of the sale of such specified security or sweat equity share by the employee; or c. from the date of the employee ceasing to be the employee of the employer who allotted or transferred him such specified security or sweat equity share, whichever is the earliest (applicable from the assessment year 2021-22) |
| Section 192 | |
| Filing return of deduction of tax from contributions paid by the trustees of an approved superannuation fund | Within 2 months from end of financial year |
| Section 197A(2) | |
| Uploading of declaration received by Deductor in Form No. 15G/15H from deductee on the e-filing site (www.incometaxindiaefiling.gov.in) | 15 days from the end of first, second and third quarter 30 days from the end of fourth quarter. |
| 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 prescribed statements of tax deducted for periods ending on June 30, September 30 December 31 and March 31 | 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 31st May of the financial year immediately following the financial year in which deduction is made |
| Where deduction is made under section 194- IA/194-IB/194M/194S: Within 30 days from the end of the month in which deduction is made. | |
| Filing of correction statement of TDS | Within 6 years from the end of the Financial Year in which TDS statement is required to be furnished (applicable with effect from 01-04- 2025) |
|
Section 200A |
|
| 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
Note: w.e.f. 01-04-2025, this provision shall be applicable to non-resident also. |
Within 7 years (within 6 years from 01-04- 2025) from the end of the financial year in which payment is made or credit is given, or 2 years from the end of the financial year is which the correction statement is delivered, which ever is later. |
| Section 203 | |
| Issuance of certificate of tax deducted at source | Form No. 16: By 15th June of the financial year immediately following the financial year in which income was paid and tax deducted. |
| Form No. 16A: On or before 15th August, 15th November, 15th February of the financial year in respect of quarters ending 30th June, 30th September & 31st December respectively of the financial year. For quarter ending 31st March, on or before 15th June 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 cum statement in Form No. 26QB (i.e., within 30 days from the end of the month in which deduction is made) | |
| Form No. 16C (Section 194-IB): Within 15 days from the due date for furnishing challan cum statement in Form No. 26QB (i.e. within 30 days from the end of month in which deduction is made) | |
| Form No. 16D (Section 194M): Within 15 days from the due date for furnishing challan cum statement in Form No. 26QD (i.e. within 30 days from the end of 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 203A | |
| Applying to AO for allotment of Tax Deduction and Collection Account Number (TAN) | Within one month from end of month in which the tax was deducted or collected |
| 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 following respective quarter of financial year |
| Section 206C(3) | |
| Payment of tax collected from the respective buyers of specified goods under section 206C(1) to the credit of Central Government or as the Board directs | Within time limit as prescribed in rule 37CA |
|
Section 206C(3) (proviso) |
|
| 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(3A) |
|
| In case of an office of the Government, where TCS has been paid to the credit of the Central Government without the production of a challan, the Pay and Accounts Officer, etc., shall deliver or cause to be delivered to the prescribed income-tax authority, or to the person authorised by such authority, a statement in such form, verified in such manner, setting forth such particulars as may be prescribed. | Within such time as may be prescribed. |
| Section 206C(3B) | |
| Submission of correction statement of TCS | Within 6 years from the end of the financial year in which TCS statement is required to be furnished.
Note: Applicable with effect from 01-04-2025. |
|
Section 206C(5) |
|
| Person collecting tax under section 206C(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 January of 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 which collection is made |
|
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 section 206C is filed. |
| Section 206C(7A) | |
| Passing an order to treat a person a assessee-in- default | Within 6 years from the end of FY in which tax was collectable; or 2 years from the end of FY in which the TCS correction statement is filed, whichever is late
Note: Applicable with effect from 01-04-2025. |
|
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 44AD) : |
|
| (ii) At least 15 per cent | On or before 15th June |
| (iii) At least 45 per cent | On or before 15th September |
| (iv) At least 75 per cent | On or before 15th December |
| (v) At least 100 per cent | On or before 15th March |
| (b) In case of eligible assessee as referred to in Section 44AD and 44ADA | |
| (i) At least 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 | |
|
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 of service of demand notice |
| Section 220(1) | |
| Payment of amount other than advance tax in response to notice under section 156 | Within 30 days of service of demand 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 for waiver of interest payable under section 220(2) | Within 12 months from the end of the 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 |
| Section 239A(1) | |
| Filing application by deductor before the AO for refund of tax deducted at source under section 195 | Within 30 days from the payment of TDS to the central government (w.e.f. 1st April 2022) |
| Section 239A(4) | |
| Passing order pertaining to the application by the AO | Within 6 months from the end of the month in which the application is received by the AO (w.e.f. 1st April 2022) |
| Section 245C(1E) | |
| Application for settlement before Settlement
Commission under sub-section (1) where books of account, documents, etc., have been seized |
Not before 120 days of seizure |
| Section 245(2) | |
| Withholding refund of earlier years if assessment or reassessment of subsequent year is pending with Dept. | Up to not more than 60 days from the date on which assessment or reassessment of subsequent year is 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 Settlement Commission | Within 30 days from the date of communication from the Settlement Commission |
|
Section 245D(1) |
|
| Rejecting/allowing the settlement 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(2C) | |
| Declaring application as invalid by the Settlement Commission | Within 15 days from the date of receipt of report from the Principal Commissioner or Commissioner |
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Section 245D(3) |
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| Furnishing a report by the Principal Commissioner or Commissioner to the Settlement Commission in the matters covered by the application | Within 90 days from the date of receipt of communication from the Settlement Commission |
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Section 245D(4A) |
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| Passing order of settlement
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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 31-5- 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 the Settlement Commission | Within a period of six months from the end of the month in which the order under section 245D(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 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 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 by Settlement Commission if an application is made before 1-6-2007 | Reopening of proceeding is not possible where period between end of assessment year to which proceeding relates and the date of application for settlement under section 245C exceeds 9 years |
| Section 245M | |
| Withdrawal of pending application filed before Income tax Settlement Commission | Within 3 months from date of commencement of Finance Act, 2021 |
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Section 245MA(2A) |
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| Passing order by the AO in conformity with the direction contained in the order of dispute resolution Committee | Within 1 month from the end of the month in which the order of Dispute Resolution Committee is received by the AO |
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Section 245Q(3) |
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| Withdrawing application for advance ruling | Within 30 days from date of application |
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Section 245R(6) |
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| Pronouncement of advance ruling by authority | Within 6 months of receipt of application |
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Section 245W(1) |
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| Filing appeal by applicant or Commissioner to the High Court against the ruling or order of Board of Advance Ruling | Within 60 days from the date of the communication of ruling or order of Board of Advance Ruling ( it may be extended for a period upto 30 days by the High Court) |
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Section 249(2)/(3) |
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| Filing appeal to Joint Commissioner (Appeals)/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 demand notice or within extended time |
| c) In any other case | Within 30 days from date of communication of order or within extended time |
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Section 250(6A) |
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| Disposal of appeal by Commissioner (Appeals) | One year from end of financial year in which appeal is filed (where it is possible) |
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Section 253(3)/(5) |
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| Filing appeal to Tribunal | Upto 30-09-2024 Within 60 days from date on which order sought to be appealed against is communicated or within extended time With effect from 01-10-2024 Within 2 months from the end of the month in which order sought to be appealed against is communicated or within extended time |
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Section 253(3A) |
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| Filing appeal by Principal Commissioner or Commissioner to Tribunal if he objects to any direction issued by Dispute Resolution Panel | Within 60 days of the date on which the order sought to be appealed against is passed by the Assessing Officer in pursuance of directions of the Dispute Resolution Panel |
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Section 253(4)/(5) |
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| 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 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 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. | |
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Section 256(1) |
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| (i) Filing application to Tribunal requiring it to refer to High Court any question of Law | Within 60 days of service of Tribunal’s order under section 254 or within extended period not exceeding 30 days. |
| (ii) Drawing referring it to up statement of case and High Court by Tribunal | Within 120 days of receipt of application |
| Section 256(2) | |
| Filing application to High Court If Tribunal refuses to state case | Within 6 months from date of service of notice of refusal to state case |
| Section 256(3) | |
| Application by assessee for claiming refund of fee after Tribunal’s refusal to state case | Within 30 days from date of receipt of refusal notice |
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Section 260A |
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| Filing appeal to High Court against order of Tribunal | Within 120 days of date of 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 Commissioner or Commissioner | Within 2 years from end of financial year in which order sought to be revised was passed |
| Section 263(3) | |
| Revision by Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner of orders passed pursuant to any finding or direction by Tribunal, National Tax Tribunal, High Court or Supreme Court | No time limit |
| Section 264(2) | |
| Revision of orders by Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner on his own motion (not prejudicial to taxpayer) | Within 1 year of order sought to be revised |
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Section 264(3) |
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| Filing revision petition to Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner (order not to be prejudicial to taxpayer) | Within 1 year from date of
communication of order sought to be revised or date of his knowledge in respect thereof or within extended time |
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Section 264(6) |
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| 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 | ||
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Section 270AA(2) |
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| Application to the Assessing Officer to grant immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or under section 276CC | Within three month (one months before 01 -04-2025) from the end of the month in which such order is received | ||
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Section 270AA(4) |
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| Passing an order by the Assessing Officer granting immunity from passing of penalty, etc., under section 270AA(3) | Within one month from the end of the month in which application under section 270AA(1) is received
Note : With effect from 01.04.2025, the time limit will be within three month from the end of the month in which application under section 270AA(1) is received |
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Section 271GB(4)(b) |
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| Time-limit for informing the inaccuracy in report furnished under section 286 and furnish correct report to the prescribed authority to avoid penalty | Within a period of fifteen days of discovery of inaccuracy | ||
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Section 273A(4A) |
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| Passing order for accepting or rejecting the application filed under section 273A(4), in full or in part, to reduce or waive the penalty | Within a period of twelve months from the end of the month in which the application 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) |
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Section 273AA(3A) |
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| Passing order by the Principal Commissioner or the Commissioner accepting or rejecting the application filed under section 273AA(1) in full or in part, to grant immunity from penalty. | Within a period of twelve months from the end of the month in which the application 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) |
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Section 275 ( upto 31.03.2025) |
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| Imposing penalties under Chapter XXI : | |
| (a) In a case where appeal is filed to Joint Commissioner (Appeals)/Commissioner (Appeals) and no order is passed by Joint Commissioner (Appeals)/Commissioner (Appeals) passes. | Before the expiry of financial year in which proceedings which give rise to penalty proceedings are completed, or within 6 months from end of the month in which the order of Joint Commissioner (Appeals)/Commissioner (Appeals) is received by the Principal Commissioner/Commissioner, whichever period expires later |
| (b) In a case where appeal is filed to Joint Commissioner (Appeals)/Commissioner (Appeals) and Joint Commissioner (Appeals)/Commissioner (Appeals) passes the order on or after 01-06-2003 | Before the expiry of financial year in which assessment proceedings are completed, or within 1 year from end of the financial year in which the order of Joint Commissioner (Appeals)/Commissioner (Appeals) is received by the Principal Commissioner/Commissioner, whichever period expires later |
| (c) in a case where appeal is filed to 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. |
| (d) 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 |
| (e) 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 |
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Section 275 ( on or after 01.04.2025 |
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| Imposing penalties under Chapter XXI : | |
| (a) In a case where no appeal is filed to Joint Commissioner (Appeals)/Commissioner (Appeals)/Tribunal | Within 6 months from end of the quarter in which proceedings which give rise to penalty proceedings are completed |
| (b) In a case where appeal is filed to Joint Commissioner (Appeals)/Commissioner (Appeals) and no further appeal has been filed to Tribunal | Within 6 months from end of the quarter in which the order of Joint Commissioner (Appeals)/Commissioner (Appeals) is received by the jurisdictional Principal Commissioner/Commissioner. |
| (c) in a case where appeal is filed to Tribunal | Within 6 months from end of quarter in which the order of Tribunal is received by the jurisdictional Principal Commissioner/Commissioner. |
| (d) 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 quarter in which revision order is passed |
| (e) in any other case | within 6 months from end of quarter in which notice for imposition of penalty is issued |
| Section 275(1A) (upto 31.03.2025) |
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| 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 or enhancing or reducing or cancelling penalty or dropping proceedings for imposition of penalty is passed or before the order of the Joint Commissioner (Appeals)/Commissioner (Appeals)/Tribunal/High Court/Supreme Court is received by the Principal Commissioner or Commissioner or order of revision is passed. |
Within 6 months from end of the month in which order of Joint Commissioner (Appeals)/Commissioner(Appeals)/ Tribunal/
High Court/Supreme Court isreceived by the Principal Commissioner or Commissioner o r order of revision is passed. |
| Section 275(2) (on or after 01.04.2025) | |
| Imposing/enhancing/reducing/cancelling penalty or dropping penalty proceedings for penalty imposition under section 2 | Within 6 months from end of the quarter in which order of Joint Commissioner Appeals)/Commissioner (Appeals)/ Tribunal/ High Court/Supreme Court is received by the jurisdictional Principal Commissioner or Commissioner or order of revision is passed. |
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Section 281B(2) |
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| Provisional taxpayer attachment of 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 fair value of property provisionally attached by AO. | Within a period of 30 days from the date of receipt of such reference |
| Section 281B(5) | |
| An order revoking the provisional attachment of property on furnishing of Bank Guarantee.
(subject to conditions) |
– Within 45 days from the date of receipt of the bank guarantee, where a reference to the Valuation Officer has been made or- Within 15 days from the date of receipt of bank guarantee in any other case. |
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Section 281B(7) |
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| Invoking Bank Guarantee by AO if the assesses fails to renew the guarantee or fails to furnish a new Guarantee | to renew the guarantee or fails to furnish a new Guarantee 15 days before the expiry of the Guarantee |
| Section 285 | |
| Preparation and delivery of statement in prescribed form containing prescribed particulars by nonresident 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. |
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Section 285B |
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| Furnishing of statement by film producers | Within 60 days from the end of the previous year |
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Section 285BA |
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| Filing of statement of financial transaction or reportable account (Previously called as ‘Annual Information Return’) |
On or before the 31st May immediately following the financial year in which the transaction is registered or recorded. |
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Section 285BA(4) |
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| Rectifying defect in statement of financial transaction or reportable account filed under section 285BA as required by prescribed income-tax authority | Within 60 days(or such extended time as may be allowed on application) from date of intimation of defect |
| Section 285BA(5) | |
| Furnishing of statement under section 285BA in response to notice from prescribed income-tax authority by person who has failed to furnish statement within time |
Within period not exceeding 30 days from date of service of notice. |
| Section 285BAA1 | |
| Furnishing of statement in respect of a transaction of crypto-asset by reporting entity. | Within such time as prescribed. |
| Section 286(2) | |
| Furnish a report for every reporting accounting year by a parent entity or the alternate reporting entity, resident in India, to the prescribed authority in respect of the international group of which it is a constituent. | Within a period of 12 months from the end of said reporting accounting year. |
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Section 286(4) |
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| Furnishing a report for a constituent entity of an international group (resident in India) [other than an entity covered under section 286(2)] for a reporting accounting year, if the parent entity is not obliged to file a report under section 286(2) or the parent entity is resident of a country with which India does not have an agreement providing for exchange of the report, etc. | On or before due date of furnishing return of income as specified under section 139(1) |
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Section 286(6) |
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| Producing information/document to the prescribed authority for the purpose of determining accuracy of report furnished by any reporting entity | Within thirty days of the date of receipt of the notice (Prescribed authority on an application |
| made by reporting entity may extend the period of thirty days by a further period not exceeding thirty days) | |
Securities Transaction Tax [Finance (No. 2) Act, 2004]
|
Section 101 |
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| Filing of return by recognised stock exchange or mutual fund | On or before financial year June 30 after the end of |
| Section 102 | |
| Making assessment | Within 2 years from the end of relevant financial year |
| Section 103 | |
| Rectification of mistake | Within one year from the end of the financial year in which the order sought to be amended was passed |
| Section 110 | |
| Filing appeal to Commissioner (Appeals) | Within 30 days from the date of receipt of order of the AO |
| Section 111 | |
| Filing appeal to Tribunal | Within 60 days from the date on which the order sought to be appealed is communicated. |
MCQ on Period of limitation prescribed under the Income -tax Act
Q1. 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.
Q2. 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.
Q3. 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.
Q4. 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.
Q5. 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 or 2 years from the end of the financial year is which the correction statement is delivered, whichever is later.
(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, or 2 years from the end of the financial year is which the correction statement is delivered, whichever is later.
Thus, the statement given in the question is false and hence, option (b) is the correct option.
Q6. 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.
Q7. 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.
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