|
Income Tax Department has come out with a return form for block assessment (ITR-B). This is required to be filed by those who want to disclose previously undisclosed income after an income tax search or requisition operation on or after the September 1, 2024.
“The return of income required to be furnished by any person under clause (a) of sub-section (1) of section 158BC, relating to any search initiated under section 132 or requisition made under section 132A on or after the 1st day of September, 2024 shall be in the Form ITR-B and be verified in the manner,” a notification by the Central Board of Direct Taxes (CBDT) said.
Experts say the new form seeks to address some of these procedural ambiguities related to block assessments. Unlike the detailed disclosures necessitated in conventional ITR forms, Form ITR-B calls for limited data specifically related to the block assessment period. This ensures that taxpayers are not overburdened with compliance requirements while ensuring precision in data reporting.
|
