According to Section 2(j) of the Limitation Act, 1963,

Solution

Section 2(j) defines "period of limitation" as the period prescribed for any suit, appeal, or application by the Schedule to the Act, with "prescribed period" meaning the period of limitation computed in accordance with the Act's provisions. This foundational definition distinguishes between the period prescribed by the Schedule (statutory limitation) and the computed prescribed period (considering exclusions, extensions, and other modifications). The Limitation Act, as established in jurisprudence, bars the remedy but does not extinguish the right itself.