What is the time limit for making the assessment under section 143(3)of income tax act i.e. scrutiny assessment?
Section 143 (3) Assessment mean:- This is a detailed assessment and is referred to as scrutiny assessment. At this stage, a detailed scrutiny of the Income tax return of income will be carried out. The scrutiny is carried out to confirm the correctness and genuineness of various claims, deductions (80c to 80u), etc., made by the taxpayer in the return of income. In other word- to confirm the above, the Income Tax Assessing Officer carries out a detailed scrutiny of the Income tax return of income and will satisfy himself regarding various claims, deductions, etc., made by the taxpayer in the Income tax return.Section 143 (3)
As per section 153 of income tax, the time limit for making assessment under section 143(3) is:-
[For assessment year 2017-18 or before]- Within 21 (twenty-one) months from the end of the A.Y (assessment year) in which the income was first assessable.
[and assessment year 2018-19] – 18 ("eighteen months") months from the end of the A.Y (assessment year) in which the income was first assessable.
[Assessment year 2019-20 and onwards]- 12 ("twelve months") months from the end of the assessment year in which the income was first assessable
Note: If reference is made to TPO, the period available for assessment shall be extended by 12 months
