23 March 2024
Dear experts, is there any maximum time limit till when IT notice under section 144 can be issued....like we have in section 149 of 3 years and 10 years....Thanks in advance....
26 May 2024
The time limit to initiate assessment as per Section 144 is discussed in Section 153. They are:
For assessment years 2017-18 or before: Within 21 months from the end of the assessment year in which the income is first assessed. For the assessment year 2018-19: 18 months from the end of fiscal year when the income is assessable for the first time. For the assessment year 2019-20: Within 12 months of first assessing the income, by the end of assessment year. For assessment year 2020-21: Within 18 months of the end of the financial year, where income was originally assessed. For assessment year 2021-22: Within 9 months from the end of assessment year when income is assessable for the first time. For assessment year 2022-23 onwards: 12 months from the end of fiscal year where income was originally assessed.
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