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Amendments proposed in provisions of Block assessment for search and requisition cases under Chapter XIV-B Vide Finance (No. 2) Act, 2024, the concept of block assessment was introduced by amending provisions of Chapter XIV-B (sections 158B to 158BI of the Act) to be made applicable where a search under section 132 of the Act is initiated or requisition under section 132A of the Act is made, on or after 01st September, 2024. 2. Section 158B of the Act defines "undisclosed income" for the purpo
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FAQ :
These amendments are proposed to take effect from the 1st day of February, 2025.
The term 'virtual digital asset' is proposed to be added to the definition of 'undisclosed income' for the purposes of Chapter XIV-B.
The time limit for completing block assessments is proposed to be changed from twelve months from the end of the month in which the last authorisation was executed, to twelve months from the end of the quarter in which the last authorisation for search or requisition has been executed.
It is proposed that income declared in a return of income filed before the date of search or requisition will form part of the total income of the block period, with credit given for tax charged.
It is proposed that income pertaining to any international transaction or specified domestic transaction shall not be considered in the income of the block period.
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