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Form ITRB Notified for Undisclosed Income After Searches

9 April 20251 min read
ECONOMYForm ITRB Notifiedfor UndisclosedIncome AfterSearches9 April 2025safalsetu.com

Why in the news

A new return form was issued for declaring hidden income found in tax searches.

Key facts

  • Form: ITRB, notified via gazette.
  • Applies to searches or requisitions on or after 1 September 2024.
  • Used in block assessment proceedings.
  • Needs limited disclosures for the block assessment period.
  • Taxpayers may claim TDS and TCS credit, giving partial relief.

About block assessment

  • A special procedure used mainly during search and seizure to assess undisclosed income across several years.
  • Triggered when evidence of concealed or unreported income surfaces.

Significance

Simpler filing after searches; tighter action on evasion.

Exam angle

  • Form ITRB: block assessment; cut-off date 1 September 2024.

Test yourself

1. Form ITRB is meant for which purpose?

It is for declaring undisclosed income found in search or requisition operations.

2. Form ITRB applies to searches conducted on or after which date?

The notes state searches on or after September 1, 2024.

3. Under which assessment process is Form ITRB used?

The form applies under the block assessment process.

This topic is part of Daily Current Affairs 9 April 2025 (25 topics).

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