Focus on compliance

Particulars

Regular assessment proceedings

Existing Timelines

9 months from end of AY (plus 12 months in case referred to transfer pricing officer)

Proposed Timelines

12 months from end of AY (plus 12 months in case referred to transfer pricing officer)

Regular assessment proceedings (Updated return)

Time limit for submitting TP documentation during the course of assessment

Return in response to notice under section 148

9 months from end of FY in which return is furnished

30 days from the date of notice (along with 30 days extension, if granted)

12 months from end of FY in which return is furnished

10 days from the date of notice (along with extension not exceeding 30 days)

Period specified in the notice

3 months from the end of the month in which the notice is received or such extended period as may be allowed. Any return filed beyond the said period shall not be deemed to be a return under section 139