Quick Summary
The Ministry of Finance has issued Notification No. 30/2025 dated April 7, 2025, announcing a significant update under the Income-tax Act, 1961. The Central Board of Direct Taxes (CBDT) has introduced a new Form ITR-B to be used for filing income tax returns for block assessments in cases arising out of search and seizure operations initiated on or after September 1, 2024. The changes have been notified under the newly inserted Rule 12AE in the Income-tax Rules, 1962, pursuant to Section 158B
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FAQ :
The new ITR-B form is for filing income tax returns for block assessments in cases arising from search and seizure operations.
It is applicable for persons subjected to search under Section 132 or requisition under Section 132A, for operations initiated on or after September 1, 2024.
The rules are deemed to be in force from September 1, 2024.
Companies, political parties, and persons requiring audit under Section 44AB must file the return electronically under digital signature.
Yes, for all other taxpayers, the return can be filed either electronically under digital signature or via electronic verification code (EVC).
Claims for credit against undisclosed income, other than self-assessment tax, will be subject to verification and approval by the Assessing Officer.
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