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THE INCOME TAX ACT, 2025
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Section 286 of Income Tax Act - Ti...

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Section 339 - Corpus donation... Section 340 - Deemed corpus donati... Section 341 - Application of incom... Section 342 - Accumulated income... Section 343 - Deemed accumulated i... Section 344 - Business undertaking... Section 345 - Restriction on comme... Section 346 - Restriction on comme... Section 347 - Books of account... Section 348 - Audit... Section 349 - Return of income... Section 350 - Permitted modes of i... Section 351 - Specified violation... Section 352 - Tax on accreted inco... Section 353 - Other violations... Section 354 - Application for appr... Section 355 - Interpretation... Section 356 - Appealable orders be... Section 357 - Appealable orders be... Section 358 - Form of appeal and l... Section 359 - Procedure in appeal... Section 360 - Powers of Joint Comm... Section 361 - Appellate Tribunal... Section 362 - Appeals to Appellate... Section 363 - Orders of Appellate ... Section 364 - Procedure of Appella... Section 365 - Appeal to High Court... Section 366 - Case before High Cou... Section 367 - Appeal to Supreme Co... Section 368 - Hearing before Supre... Section 369 - Tax to be paid irres... Section 370 - Execution for costs ... Section 371 - Amendment of assessm... Section 372 - Exclusion of time ta... Section 373 - Filing of appeal by ... ... Section 375 - Procedure when asses... Section 376 - Procedure where an i... Section 377 - Revision of orders p... Section 378 - Revision of other or... Section 379 - Dispute Resolution C... Section 380 - Interpretation... Section 381 - Board for Advance Ru... Section 382 - Vacancies, etc, not ... Section 383 - Application for adva... Section 384 - Procedure on receipt... Section 385 - Appellate authority ... Section 386 - Advance ruling to be... Section 387 - Powers of the Board ... Section 388 - Procedure of Board f... Section 389 - Appeal... Section 390 - Deduction or collect... Section 391 - Direct payment... Section 392 - Salary and accumulat... Section 393 - Tax to be deducted a... Section 394 - Collection of tax at... Section 395 - Certificates... Section 396 - Tax deducted is inco... Section 397 - Compliance and repor... Section 398 - Consequences of fail... Section 399 - Processing... Section 400 - Power of Central Gov... Section 401 - Bar against direct d... Section 402 - Interpretation... Section 403 - Liability for paymen... Section 404 - Conditions of liabil... Section 405 - Computation of advan... Section 406 - Payment of advance t... Section 407 - Payment of advance t... Section 408 - Instalments of advan... Section 409 - When assessee is dee... Section 410 - Credit for advance t... Section 411 - When tax payable and... Section 412 - Penalty payable when... Section 413 - Certificate by Tax R... Section 414 - Tax Recovery Officer... Section 415 - Stay of proceedings ... Section 416 - Other modes of recov... Section 417 - Recovery through Sta... Section 418 - Recovery of tax in p... Section 419 - Recovery of penaltie... Section 420 - Tax clearance certif... Section 421 of Income Tax Act - Re... Section 422 of Income Tax Act - Re... Section 423 of Income Tax Act - In... Section 424 of Income Tax Act - In... Section 425 of Income Tax Act - In... Section 426 of Income Tax Act - In... Section 427 of Income Tax Act - Fe... Section 428 of Income Tax Act - Fe... Section 429 of Income Tax Act - Fe... Section 430 of Income Tax Act - Fe... Section 431 of Income Tax Act - Re... Section 432 of Income Tax Act - Pe... Section 433 of Income Tax Act - Fo... Section 434 of Income Tax Act - Re... Section 435 of Income Tax Act - Re... Section 436 of Income Tax Act - Co... Section 437 of Income Tax Act - In... Section 438 of Income Tax Act - Se... Section 439 of Income Tax Act - Pe... Section 440 of Income Tax Act - Im... Section 441 of Income Tax Act - Fa... Section 442 of Income Tax Act - Pe... Section 443 of Income Tax Act - Pe... Section 444 of Income Tax Act - Pe... 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Section 497 of Income Tax Act - Tr... Section 498 of Income Tax Act - Ap... Section 499 of Income Tax Act - Ce... Section 500 of Income Tax Act - Pr... Section 501 of Income Tax Act - Se... Section 502 of Income Tax Act - Au... Section 502 of Income Tax Act - Au... Section 503 of Income Tax Act - Se... Section 504 of Income Tax Act - Se... Section 505 of Income Tax Act - Su... Section 506 of Income Tax Act - Fu... Section 507 of Income Tax Act - Su... Section 508 of Income Tax Act - Ob... Section 509 of Income Tax Act - Ob... Section 510 of Income Tax Act - An... Section 511 of Income Tax Act - Fu... Section 512 of Income Tax Act - Pu... Section 513 of Income Tax Act - Ap... Section 514 of Income Tax Act - Re... Section 515 of Income Tax Act - Ap... Section 516 of Income Tax Act - Ro... Section 517 of Income Tax Act - Re... Section 518 of Income Tax Act - In... Section 519 of Income Tax Act - Po... Section 520 of Income Tax Act - Co... Section 521 of Income Tax Act - Pr... Section 522 of Income Tax Act - Re... Section 523 of Income Tax Act - No... Section 524 of Income Tax Act - Pr... Section 525 of Income Tax Act - Au... Section 526 of Income Tax Act - Ba... Section 527 of Income Tax Act - Po... Section 528 of Income Tax Act - Po... Section 529 of Income Tax Act - Po... Section 530 of Income Tax Act - Ac... Section 531 of Income Tax Act - Po... Section 532 of Income Tax Act - Po... Section 533 of Income Tax Act - Po... Section 534 of Income Tax Act - La... Section 535 of Income Tax Act - Re... Section 536 of Income Tax Act - Re... SCHEDULE I of Income Tax Act - CON... SCHEDULE II of Income Tax Act - IN... SCHEDULE III of Income Tax Act - I... SCHEDULE IV of Income Tax Act - IN... SCHEDULE V of Income Tax Act - INC... SCHEDULE VI of Income Tax Act - IN... SCHEDULE VII of Income Tax Act - P... SCHEDULE VIII of Income Tax Act - ... SCHEDULE IX of Income Tax Act - DE... SCHEDULE X of Income Tax Act - DED... SCHEDULE XI of Income Tax Act... SCHEDULE XII of Income Tax Act... SCHEDULE XIII of Income Tax Act -... SCHEDULE XIV of Income Tax Act - L... SCHEDULE XV of Income Tax Act - DE... SCHEDULE XVI of Income Tax Act - P...

Section 286 of Income Tax Act - Time limit for completion of assessment, reassessment and recomputation

286. Time limit for completion of assessment, reassessment and recomputation.

(1) No order in respect of proceedings mentioned in column B of the Table below shall be made after expiry of the period specified in the corresponding entry in column D of the said Table and such period shall be calculated from the date as mentioned in column C thereof.

Table

Sl. No.

Nature of Proceedings or orders

Date from which time limit for completion is to be calculated

Time limit for completion

A

B

C

D

1.

Assessment order under section 270(10) or section 271.

End of the financial year succeeding the relevant tax year for which assessment is made.

One year.

2.

Assessment order under section 270(10) or 271, where an updated return of income is furnished under section 263(6).

End of the financial year in which such updated return was furnished.

One year.

3.

Assessment order under section 270(10) or 271, where return is furnished in consequence of order under section 239(3)(b).

End of the financial year in which such return was furnished.

One year.

4.

Assessment, reassessment or recomputation order under section 279.

End of the financial year in which notice under section 280 was served.

One year.

5.

Fresh assessment order or fresh order under section 166 in pursuance to an order under section 359, or 363, or 377, or 378, setting aside or canceling an assessment order or an order under section 166.

End of the financial year in which order under section 359 or 363 is received by, or order under section 377 or 378 is passed by, the jurisdictional Principal Commissioner or Commissioner.

One year.

6.

Assessment or reassessment which stands revived, as per section 292.

End of the month in which such assessment or reassessment stands revived.

One year.

7.

Assessment required to be made in the hands of partner, in consequence of an assessment made on the firm under section 279.

End of the month in which assessment order in the case of firm is passed.

One year.

8.

Assessment, reassessment or recomputation required to be made on the assessee or any person in consequence of or to give effect to any finding or direction contained in an order-

(i) under section 359 or 363 or 365(10), or 368, or 377 or 378; or

(ii) of any Court in a proceeding otherwise than by way of appeal or reference under this Act.

End of the month in which such order is received, or passed, by the jurisdictional Principal Commissioner or Commissioner.

One year.

9.

Order giving effect to an order under section 359 or 363 or 365(10) or 368 or 377 or 378, otherwise than by making a fresh assessment or reassessment or fresh order under section 166, where–

(i) verification of any issue by way of submission of any document by the assessee or any other person is to be carried out; or

(ii)an opportunity of being heard is to be given to the assessee.

End of the month in which order under section 359 or 363 or 365(10) or 368 is received, or order under section 377 or 378 is passed, by the jurisdictional Principal Commissioner or Commissioner.

One year.

10.

Order giving effect to an order under section 359 or 363 or 365(10) or 368 or 377 or 378 otherwise than by making a fresh assessment or reassessment or fresh order under section 166.

End of the month in which order under section 359 or 363 or 365(10) or 368 is received by, or order under section 377 or 378 is passed by, the jurisdictional Principal Commissioner or Commissioner.

Six months, extendable to nine months with the approval of authorities as per section 2(62) and (64).

11.

Modification of assessment, reassessment or recomputation to give effect to the order passed under section 166 read with section 377.

End of the month in which such order under section 166is received by the Assessing Officer.

Two months.

.

(2) Time limit for completion of any assessment or reassessment as provided in sub-section (1), in a case where reference is made to the Transfer Pricing Officer for determining the arm’s length price under section 166(1), shall be extended by an additional period of twelve months.

(3) For the purposes of this section, in computing the time limit for completion, the following period shall be excluded,–

(a) the time taken in reopening the whole or any part of the proceeding on request of the assessee or in giving an opportunity to the assessee to be re-heard under section 244;or

(b) the period commencing on the date on which stay on assessment proceeding was granted by an order or injunction of any court and ending on the date on which certified copy of the order vacating the stay was received by jurisdictional Principal Commissioner or Commissioner; or

(c) the period commencing from the date on which the Assessing Officer intimates the Central Government or the prescribed authority, the contravention of the provisions of Schedule III (Table: Sl. No. 23,24, 25) or section 270(11)(i), and ending with the date on which the copy of the order withdrawing the approval or rescinding the notification, as the case may be, under those provisions is received by the Assessing Officer; or

(d) the period commencing from the date on which the Assessing Officer directs the assessee to get his accounts audited or inventory valued under section 268(5) and–

(i) ending with the last date on which the assessee is required to furnish a report of such audit or inventory valuation under that section; or

(ii) where such direction is challenged before a court, ending with the date on which the order setting aside such direction is received by the Principal Commissioner or Commissioner; or

(e) the period commencing from the date on which the Assessing Officer makes a reference to the Valuation Officer under section 269(1) and ending with the date on which the report of the Valuation Officer is received by him; or

(f) the period (not exceeding sixty days) commencing from the date on which the Assessing Officer received the declaration under section 375(1) and ending with the date on which the order under section 375(3) is made by him; or

(g) the period commencing from the date on which an application is made before the Board for Advance Rulings under section 383(1) and ending with the date on which the order either rejecting the application or the advance ruling pronounced by it, is received by the jurisdictional Principal Commissioner or Commissioner under section 384(5)or (8), as the case may be; or

(h) the period commencing from the date on which a reference or first of the references for exchange of information is made by an authority competent under an agreement referred to in section 159 and ending with the date on which the information requested is last received by the jurisdictional Principal Commissioner or Commissioner, or one year, whichever is less; or

(i) the period commencing from the date on which a reference for declaration of an arrangement to be an impermissible avoidance arrangement is received by the jurisdictional Principal Commissioner or Commissioner under section 274(1) and ending on the date on which a direction under sub-section (3) or (6) or an order under sub-section (5) of the said section is received by the Assessing Officer; or

(j) the period commencing from the date on which the Assessing Officer makes a reference to the jurisdictional Principal Commissioner or Commissioner under section 270(13)and ending with the date on which copy of the order under section 351(2)(ii)(A) or (B), is received by the Assessing Officer.

(4) Where immediately after exclusion of the period as mentioned in sub-section (3), the remaining period for completion available to the Assessing Officer, as specified in sub-section (1), for making an order of assessment, reassessment or recomputation, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid time limits for completion shall be deemed to have been extended accordingly.

(5) Where the period available to the Transfer Pricing Officer is extended to sixty days as per section 166(8) and the remaining period for completion available to the Assessing Officer under this section, for making an order of assessment, reassessment or recomputation, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid time limit for completion shall be deemed to have been extended accordingly.

(6) Where a proceeding before the Interim Board for Settlement abates under section 245HA of the Income-tax Act, 1961 and the remaining period of limitation available to the Assessing Officer under this section for making an order of assessment, reassessment or recomputation, after the exclusion of the period under section 245HA(4) of the Income-tax Act, 1961, is less than one year, such remaining period shall be deemed to have been extended to one year; and for the purposes of determining the period of limitation under sections 282, 287, 288 and 296 and for the purposes of payment of interest under section 437, this sub-section shall also apply accordingly.

(7) In a case where the remaining time period for making an order of regular assessment or reassessment, after excluding the time period specified in sub-section (3)(j), ends before the end of the month, the remaining period shall be extended to the end of such month, and the specified time limit for completion shall be deemed to have been extended accordingly.

(8) For the purposes of this section and section 283, where by an order referred to in entry in sub-section (1)(Table: Sl. No. 8.A)-

(i) any income is excluded from the total income of the assessee for a tax year, then, an assessment of such income for another tax year shall be deemed as one made in consequence of or to give effect to any finding or direction contained in the said order; or

(ii) any income is excluded from the total income of one person and held to be the income of another person, then, an assessment of such income on such other person shall be deemed as one made in consequence of or to give effect to any finding or direction contained in the said order, if such other person was given an opportunity of being heard before the said order was passed.

GST Gyaan | https://gstgyaan.in | CA Rajesh Ritolia - 9350171263

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