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Snapshot of Various Time Limit Prior to Finance Act 2021 and After Finance Act 2021
Finance Act 2021, has brought a series of amendment in the Income Tax Act 1961 making it simple and assessee friendly. With the advancement in technology and introduction of Faceless Assessment, various proceedings under the Act is getting streamlined and efficient. Also, the time taken to conduct and complete various processes has greatly reduced. Therefore, to pass on the benefit of technological upgradation to the assessee, the various time limits under the Act is reduced.
A brief snapshot of the various time limit under the Act, prior to Finance Act 2021 and after the Finance Act 2021 is given below:-
| Srl No | Provision | Time Limit prior to Finance Act 2021 | Revised Time Limit as Finance Act 2021 |
| 1 | Filing of original return of income for (i) company, (ii) a person (other than a company) whose accounts are required to be audited or (iii) partner of a firm whose accounts are required to be audited [Section 139(1)] |
31st October of the Assessment Year | No Change |
| 2 | Filing of original return of income for assessee who is required to furnish a report referred to in section 92E, [Section 139(1)] |
30th November of the Assessment Year | 30th November of the Assessment Year [Including partner of firm liable to furnish report u/s 92E] |
| 3 | Filing of original return of income for any person covered in first proviso to Sec. 139(1) [Section 139(1)] |
31st October of the Assessment Year | No Change |
| 4 | Filing of original return of income for any other person [Section 139(1)] |
31st July of the Assessment Year | No Change |
| 5 | Filing of Belated Return of Income [Section 139(4)] |
Before the end of the relevant AY or before the completion of the assessment, whichever is earlier [Generally 31st March of the AY] |
Before the end of Three Months of the relevant AY or before the completion of the assessment, whichever is earlier [31st December of the AY] |
| 6 | Filing of Revised Return of Income [Section 139(5)] |
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| 7 | Intimation [Section 143(1)] |
One year from the end of the financial year in which the return is made [31st March of the subsequent FY] |
Nine Months from the end of the financial year in which the return is made [31st December of the subsequent FY] |
| 8 | Issue of notice for initiation of assessment proceedings [Section 143(2)] |
Six months from the end of the financial year in which the return is furnished [30th September of the subsequent FY] |
Three months from the end of the financial year in which the return is furnished [30th June of the subsequent FY] |
| 9 | Initiation of reassessment proceedings [First Proviso to Sec. 147(1)] |
Four Year from the end of the relevant assessment year | Withdrawn |
| 10 | Time limit for initiation of notice u/s 148 [Section 149(1)] |
Four Year from the end of the relevant assessment year | Three Year from the end of the relevant assessment year |
| 11 | Six years from the end of the relevant assessment year if the income chargeable to tax which has escaped assessment amounts is likely to amount to one lakh rupees or more for that year | Ten years from the end of the relevant assessment year if the income chargeable to tax which has escaped assessment amounts is likely to amount to fifty lakh rupees or more for that year | |
| 12 | Sixteen years from the end of the relevant assessment year unless the income in relation to any asset located outside India, chargeable to tax, has escaped assessment. | Withdrawn | |
| 13 | Time limit for passing of Order u/s 143(3) or 144 [Section 153(1)] |
Twenty-one months from the end of the assessment year [Prior to AY 2018-19] Eighteen months from the end of the assessment year [AY 2018-19] Twelve months from the end of the assessment year [AY 2019-20 and 2020-21] |
Nine months from the end of the assessment year [AY 2021-22 and onwards] |
| 14 | Time limit for passing of Order u/s 147 [Section 153(2)] |
Twelve months from the end of the financial year in which the notice under section 148 was served [31st March of the subsequent Financial Year] |
No Change |
| 15 | Passing of Fresh assessment order in pursuance to order u/s 254 or 263 or 264 [Section 153(3)] |
Twelve months from the end of the financial year in which such order is received [31st March of the subsequent Financial Year] |
No Change |
| 16 | Passing of order effect by AO where the case is not of fresh assessment [Section 153(5] |
Three months from the end of the month in which such order is received | No Change |
| 17 | Rectification of Mistake [Section 154(7) and 154(8) |
Not more than Four years from the end of the financial year in which the order sought to be amended was passed. Also, within a period of six months from the end of the month in which application for rectification is received |
No Change |
| 18 | Passing of Revision order u/s 263 [Section 263(2)] |
Within two years from the end of the financial year in which the order sought to be revised was passed. | No Change |
| 19 | Making of application for Revision of order u/s 264 [Section 264(2)] |
within one year from the date on which the order in question is communicated to assessee | No Change |
| 20 | Passing of order for Revision of order u/s 264 [Section 264(2)] |
Within two years from the end of the financial year in which the application is received. | No Change |
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