Time Extended for Assessment Completion in Income Tax Act for AY 2020-21
Time Extended for Assessment Completion in Income Tax Act
Amendment by Finance Bill 2022 as passed by Lok Sabha
The Finance Bill (Lok Sabha) has increased the time limit for completion of assessment of assessment year 2020-21 from 12 months to 18 months under Income Tax Act
The revised time limit for completion of assessment under Section 143(3) and Section144 shall be as under
| Assessment Year | Time Limit for Completion of Assessment |
| AY 2021-22 and onwards | Within 9 months from the end of the Assessment Year in which in come was first assessable |
| AY 2020-21 | Within 18 months from the end of the Assessment Year in which in come was first assessable |
| AY 2019-20 | Within 12 months from the end of the Assessment Year in which in come was first assessable |
| AY 2018-19 | Within 18 months from the end of the Assessment Year in which in come was first assessable |
| Upto AY 2017-18 | Within 21 months from the end of the Assessment Year in which in come was first assessable |
This amendment extends the time limit for completion of assessment for assessment year 2020-21, which is ending on 31-03-2022 [excluding the extension available under Taxation and Other Laws (Relaxation and Amendment of Certain Provisions ) Act,2020 and the notification issue therein, if any ], to 30-09-2022.
It is to be noted that the extension is for the assessment year 2020-21, and the time limit for completion of assessment for assessment years 2021-22 or 2019-20 has not been amended.