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of <h1>New Chapter XIV-B in Income-tax Act: Special Procedure for Assessing Search Cases Post-September 1, 2024</h1> The Finance (No. 2) Act, 2024, introduces a new Chapter XIV-B to the Income-tax Act, effective September 1, 2024, detailing a special procedure for assessing search cases. It defines a 'block period' for assessing undisclosed income, which includes assets or expenses not disclosed for tax purposes. The chapter outlines the process for assessing total income during this period, including abatement of ongoing assessments and reassessments. It specifies the computation of total income, procedures for block assessment, and time limits for completion. Certain interests and penalties are exempted, while others may be imposed under specific conditions. The chapter applies only to searches initiated after September 1, 2024.
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