Income Tax Bill, 2025: Clause 192 imposes 60% tax on block period income in search cases, section 294 applies.
The Income Tax Bill, 2025, addresses the taxation of block assessments in search cases. Under Clause 192, the total income for the block period, as determined by section 294, is taxed at a rate of 60%. Additionally, this tax rate may be subject to an increase through a surcharge imposed by any Central Act. This provision outlines the specific tax obligations for income identified during block assessments in search-related cases.
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