Time limit for completion of Assessment/ Re-assessment under section 147 of the Income Tax Act, 1961 is:

CS Executive · Tax Laws and Practice · PYQS · June 2019
Time limit for completion of Assessment/ Re-assessment under section 147 of the Income Tax Act, 1961 is:
(A) 9 months from the end of the financial year in which notice for re-assessment is served
(B) 6 months from the end of the financial year in which notice for re-assessment is served
(C) 12 months from the end of the financial year in which notice for re-assessment is served
(D) 15 months from the end of the financial year in which notice for re-assessment is served

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A), (C). Official source note: The question does not mention the date of serviing of notice. If notice has been served before 31.03.2019, then option A is correct. If notice has been served on or after 01.04.2019, then option C is correct.

Topics: Income Tax Act, 1961

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