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of <h1>Section 113: Tax Rate Set at 60% for Undisclosed Income in Block Assessments from July 1, 1995</h1> Section 113, introduced in the Finance Act of 1995, amends the Income-tax Act by specifying the tax rate applicable to undisclosed income discovered during block assessments in search cases. Effective from July 1, 1995, this provision mandates that the total undisclosed income for the block period, as determined under section 158BC, will be taxed at a rate of sixty percent.
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