CA FINAL DIRECT TAX LAWS

TIME LIMIT CHARTS

Easiest way to remember tricky things...

CHAYAN PATNI
CA FINAL STUDENT
7415316134
 DISCLAIMER
While I have made every attempt to ensure that the information contained has
been obtained from reliable sources, if there any error and omissions I am not
responsible for the same.
These charts are prepared with all carefulness however there might be any human
error therein.
These are mere charts prepared only with the motive to remember the content for
long term.

Your Friend
Chayan Patni
(CA Final Student)
 TIME LIMIT
SUB
TOPIC SECTION DESCRIPTION OF SECTION DESCRIPTION FOR TIME LIMIT TIME LIMIT REMARK
SERIAL
54 Exemption Purchase of Residential House 1 Year before or 2 Year after
1
property in India the date of transfer
Construction of Residential House Within 3 Years after the date of
2
property in India transfer

54F Exemption Purchase of ONE Residential House 1 Year before or 2 Year after
1
property in India the date of transfer
Construction of ONE Residential Within 3 Years after the date of
2
House property in India transfer

Within 2 Years after the date of

54B Exemption 1 Purchase of Agriculture land in India
CAPITAL GAINS

transfer

54D Exemption Purchase of New land & Building in Within 3 Years after the date of
1
India Receipt of Compensation

54EC Exemption Purchase of Bonds redeemable after Within 6 Months after the date Bonds of NHAI/RECL/PFC/IRFC
1
5yrs of transfer

54G Exemption Purchase /Construction of NEW Plant Within 1 Year before or 3 Years
1 & Machinery,Land or Building in Rural after the date of transfer
Area
2 Shifting original assets to that area
3 Incurring Notified Expenses

54GA Exemption Within 1 year before or 3 Years

1 Purchase /Construction of NEW Plant after the date of transfer
& Machinery,Land or Building in SEZ
2 Shifting original assets to that area
3 Incurring Notified Expenses

54GB Exemption Subscription in Equity Shares of shares should be subscribed

Eligible Company and within 1 year upto due date of return filling
1
from date of subscription utilized
amount for purchase of new assets
 SUB
TOPIC SECTION DESCRIPTION OF SECTION DESCRIPTION FOR TIME LIMIT TIME LIMIT REMARK
SERIAL
139(1) Due Date for Filing Return Of Assessee who is required to furnish 30 NOVEMBER OF AY
1
RETURN FILING

Income report under section 92 E

2 Company
Entity required audit u/s 44 AB
Working Partner of firm whose 30 SEPTEMBER OF AY
accounts are required to audit u/s 44
AB
3 Others 31 JULY OF AY

139(4)/(5)Belated Return/ Revised Return 1 ALL ASSESSEE Before the end of relevent AY
OR Whichever is EARLIER
Completion of Assessment
 SUB
TOPIC SECTION DESCRIPTION OF SECTION DESCRIPTION FOR TIME LIMIT TIME LIMIT REMARK
SERIAL
142(2A) Special Audit 1 Audit report has to be submitted Maximum Extension should not
within time allowed by AO which may be more than 180 Days
be extended

142A Reference to Valuation Officer(VO) 1 VO shall send copy of the report to Within 6 Months From the End
AO & Assessee of the Month in Which a
reference was made by AO to
VO
ASSESSMENT PROCEDURES

143(1) Processing of return(Intimation) 1 Issue of Intimation Within 1 Year From End of FY in

which Return Was Filled

143(2) Notice of Scrutiny 1 Notice has to be SERVED Within 6 Months From End of
Notice can be issued after issuing intimation
FY in which Return Was Filled

Reference to dispute resolution 1 Within 30 Days from the date of receipt of draft order Assessee shall ACCEPT or File OBJECTION
144C panel
If Assessee files Acceptance then AO shall Pass final Order within 1 Month from End Of The Month in which
2
Acceptance is Received by AO
If Assessee files Objection then DRP shall issue direction within 9 Months from End Of The Month in which Draft
3
Order is Forwarded to Assessee
After receiving Direction, AO shall Pass final Order within 1 Month from End Of The Month in which Direction is
4
Received by AO

149 Time limit to issue Notice u/s 1 Generally notice u/s 148 can be Within 4 Years from the End of 1. If the amount of Income Escaped is 1 Lakh
147(Income Escaping Assessment) issued Relevent AY or more it can be issued for 6 Years.
2. If it Relates to Foreign Assets it can be
issued for 16 Years

153(2) Order of assessment/ reassessment 1 No order of assessment/ reassessment/ recomputation u/s 147 shall be notice u/s 148 served on or after 1st April,
or recomputation u/s 147 made after the expiry of 9 months from the end of financial year in 2019 the time period shall be 12 months
which notice u/s 148 was served on the assessee

154 Rectification of Mistake If the Rectification is done on his
1 (Authority) own motion, then it
should be done
Where an application for rectification
is made by the assessee to Income
2
Tax Authority, then
Within 4 Years from the End of
FY in which order containg
mistake was passed
Authority shall pass an order
within 6 months from the end
of the month in which
application is received by it.

156 Demand Notice Within 30 Days from the date

1
Assessee shall pay amount of demand of receipt of notice
 SUB
TOPIC SECTION DESCRIPTION OF SECTION DESCRIPTION FOR TIME LIMIT TIME LIMIT REMARK
SERIAL
Appeal to :
1 CIT 1 Within 30 Days
It shall Pass Order Within 1 Year From Advisory Time Limit
2 the End of the year in which Appeal
APPEALS & REVISION

was filled

2 ITAT 1 Within 60 Days

2 It shall Pass Order Within 4 Years Advisory Time Limit
From the End of the year in which
Appeal was Received by It

3 High Court Within 120 Days

4 Supreme Court Within 90 Days

263 Revision Order by CIT 1 The Order u/s 263 shall be passed
Within 2 years from the end of the
financial year in which order sought
to be revised was passed

264 Revision of Other order 1 If CIT on his own motion revise the Within 1 Year from date of
order passing the order by AO
2 Where an application is made by the The APPLICATION must be
assessee made within 1 year from the
date on which the order was
communicated to him.
 SUB
TOPIC SECTION DESCRIPTION OF SECTION DESCRIPTION FOR TIME LIMIT TIME LIMIT REMARK
SERIAL
SETTLEMENT COMMISSION

***** PROCEDURE
1 ITSC within 7 Days From the Date of Application,issue SCN as to explain why his aplication be admitted
2 Within 14 Days from the receipt of application, ITSC shall Allow or Reject the Application, Otherwise it will be deemed to be Accepted
3 After Admission, ITSC within 30 Days From the Date of Receipt of Application shall call for Report of CIT & it should submit such report within 30 Daysof receipt of
communication.
4 Within 15Days from the Receipt of Report, ITSC may declare the Application as valid.
5 If the Application is VALID ITSC shall call for Records from CIT & it shall furnish the Report within 90 Days of Receipt of Communication From ITSC
6 After Examination of Records and Report of CIT,ITSC shall pass the Order of Settlement Within 18 Months from End of the Month in which Application was Made by
Assessee

NOTE Within 35 days from the Date of Order Assesseee should pay TAX , if tax paid after 35 Days Interest will be levied @ 1.25% pm or part from 36th day

***** RECTICATION OF MISTAKE

1 If There is any Mistake Apparent on Record in the Order of ITSC, then the ITSC can Rectify it Within 6 Months from the End of The Month in which order was passed or
the application for same was made by Assessee as the case may be.
2 Application can not be made by Assesseee or CIT/PCIT After 6 Months from the End of the Month in which order was passed by ITSC.