INTERVIEW QUESTIONS INCOME TAX ASSESSMENTS UNDER THE INCOME-TAX LAW DETAILS

Question: ​What is the time limit for making the assessment under section 147 i.e. income escaping assessment?​

Answer: As per section 153, assessment under section 147 shall be made within a period of 9 months from the end of the financial year in which notice under section 148 is served on the taxpayer.

Note: If reference is made to TPO, the period available for assessment shall be extended by 12 months.

As per section 153, assessment under section 147 shall be made within a period of 9 months from the end of the financial year in which notice under section 148 is served on the taxpayer.

Note: If reference is made to TPO, the period available for assessment shall be extended by 12 months. Source: CoolInterview.com

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