What is the time bar for raising assessments

asked Apr 25, 2016 in Income Tax by Anil
What is the time bar for raising assessments? Can they issue assessments for 2012/13 in 2016?

2 Answers

+1 vote
answered Apr 25, 2016 by Janith

No they cant.

Time bar will apply after 18 months from return date if you have submitted return on time

See Sec 163 (5) of IR Act

Subject to the provisions of section 72, no assessment of the income tax payable under this Act by any person or partnership - 

(a) who or which has made a return of his or its income on or before the thirtieth day of November of the year of assessment immediately succeeding that year of assessment, 

(i) where such year of assessment is any year of assessment commencing prior to April 1, 2013, shall be made after the expiry of a period of two years from the thirtieth day of November of the immediately succeeding year of assessment; and 

(ii) where such year of assessment is any year of assessment commencing on or after April 1, 2013, shall be made after the expiry of a period of eighteen months from the thirtieth day of November of the immediately succeeding year of assessment:

(b) who has failed to make a return on or before such date as referred to in paragraph (a), shall be made after the expiry of a period of four years from the thirtieth day of November of the immediately succeeding year of assessment: 

0 votes
answered May 27, 2016 by wmthushara (3,810 points)
If you have not furnished return before deadline, they can raise assessments in 2016.

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