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of <h1>Clause 293: New Rules for Computing Total Income in Search Cases, Excludes Certain Transactions and Loss Offsets.</h1> Clause 293 of the Income Tax Bill, 2025, outlines the computation of total income for a block period in search cases. It aggregates undisclosed income declared under specific sections, assessed income prior to search initiation, and income determined from recorded transactions. Undisclosed income is computed based on evidence from searches or other materials available to the Assessing Officer. Certain international and specified domestic transactions are excluded from block period income assessment. Losses from previous years cannot offset undisclosed income in block assessments, but may be carried forward post-block period. The provision also specifies how firm income is assessed within this framework.
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