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

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 aliya bhat asked over 2 years ago

Hi May I know, What is the time limit for making the assessment under section 147 i.e. income escaping assessment?​ ​​

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

If the escaped income is Rs. 1,00,000 or more and certain other conditions are satisfied, then notice can be issued upto 6 years from the end of the relevant assessment year. In case, the escaped income relates to any asset (including financial interest in any entity) located outside India, notice can be issued upto 16 years from the end of the relevant assessment year.​

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Pankaj answered over 2 years ago

As per section 153, assessment under section 147 shall be made within a period of one year from the end of the financial year in which notice under section 148​ was served on the taxpayer. Notice under section 148 can be issued within a period of 4 (*) years from the end of the relevant assessment year.​ (*) If the escaped income is Rs. 1,00,000 or more and certain other conditions are satisfied, then notice can be issued upto 6 years from the end of the relevant assessment year. In case, the escaped income relates to any asset (including financial interest in any entity) located outside India, notice can be issued upto 16 years from the end of the relevant assessment year.​

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Picsjoin 2017224123730582 Archana answered over 2 years ago

Hie Adhya, - As per section 153, assessment under section 147 shall be made within a period of one year from the end of the financial year in which notice under section 148​ was served on the taxpayer. Notice under section 148 can be issued within a period of 4 (*) years from the end of the relevant assessment year.​ - (*) If the escaped income is Rs. 1,00,000 or more and certain other conditions are satisfied, then notice can be issued upto 6 years from the end of the relevant assessment year. In case, the escaped income relates to any asset (including financial interest in any entity) located outside India, notice can be issued upto 16 years from the end of the relevant assessment year.​

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Open uri20170510 32134 s5bvk0?1494421637 ARJUN PRATAP SINGH answered over 2 years ago

Dear Friend, as far as your query is concerned that What is the time limit for making the assessment under section 147 i.e. income escaping assessment?​ ​ Let me informed that As per section 153, assessment under section 147 shall be made within a period of one year from the end of the financial year in which notice under section 148​ was served on the taxpayer. Notice under section 148 can be issued within a period of 4 (*) years from the end of the relevant assessment year.​ (*) If the escaped income is Rs. 1,00,000 or more and certain other conditions are satisfied, then notice can be issued upto 6 years from the end of the relevant assessment year. In case, the escaped income relates to any asset (including financial interest in any entity) located outside India, notice can be issued upto 16 years from the end of the relevant assessment year.​ Hope answer was helpful to you Regards, Arjun Pratap Singh

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