Home › CA Final › taxation › Assessment Procedure › Section 149 extension for escaped income >= Rs. …
Section 149 extension for escaped income >= Rs. 50 lakhs:
A5 years
BUp to 10 years from end of AY
C6 years
D8 years
Answer & Solution
Correct answer: B. Up to 10 years from end of AY
1. Section 149 (post-FA 2021): 148 notice within 3 years generally.
2. Asset/expenditure escaped >= Rs. 50 lakhs: extended to 10 years.
3. Approval from senior officer (Pr.CCIT/Pr.CIT) required beyond 3 years.
_Source: ICAI BoS CA Final Paper 7, Ch 15 "Assessment Procedure"_
Related questions
Company return verification under Section 140:Section 143(1) intimation status:Show-cause under Section 148A(b) gives:Section 154 rectification time limit by AO:Search assessment under Section 158BA applies to:Late return filing under Section 139(1) — Section 234F fee:Section 144B faceless excludes:Defective return notice under Section 139(9) — time to rectify: