HI Aboli,
Root cause of time out may be like long running SQL query, loading large number of records in memory, processing large number of records lets says looping through 100K records , some heavy IO file operations , external connectors etc
So the best practices is to rectify the root cause and not just increasing the time out , Increasing the time out may impact the performance as well as other issues
Some suggestions
1. Optimize the SQL queries , Create proper indexes on database
2. Process the data in chunks better use Timer or BPT to process large number of records
3. Use timers for heavy operations as it runs in separate thread. (for example creating a huge excel file)
4. Data Purging
Best Regards
Devendra