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of <h1>Union Budget 2024-25: New Block Assessment Rules for Search Cases u/ss 132 and 132A, Effective September 2024.</h1> The Union Budget 2024-25 introduces block assessment provisions for search cases under sections 132 and 132A of the Income Tax Act. This aims to streamline the assessment process by consolidating assessments into a block period covering six years prior to the search year. Regular assessments for this period will abate, and a single consolidated assessment will be conducted. The block assessment will include undisclosed income and will be taxed at 60% without interest or penalties if disclosed voluntarily. The time limit for completing these assessments is set at twelve months, with certain exclusions. These changes are effective from September 1, 2024.
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