Section 153 of ITA, 1961 : Section 153: Time Limit For Completion Of Assessments, Reassessments And Recomputation

Explanation using Example

Imagine Mr. Sharma filed his income tax return for the assessment year 2019-20. The Income Tax Department has until the end of March 2021 (12 months from the end of the assessment year, as per the amended provisions of Section 153) to complete the assessment under Section 143 or Section 144. However, if the department needs to reassess Mr. Sharma's income due to some omitted income, they would issue a notice under Section 148. After the notice is served, they have 12 months from the end of the financial year in which the notice is served to complete ...

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