Special procedure for calculating tax liability on income discovered during search operations : Clause 192 of the Income Tax Bill, 2025 Vs. Section 113 of the Income-tax Act, 1961
29 April, 2025
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Block assessment tax imposes a flat punitive rate on total income from search-derived block periods, broadening the tax base. Clause 192 taxes the total income of the block period as determined under section 294, replacing the narrower concept of "undisclosed income," and ... Summary
Block assessment tax imposes a flat punitive rate on total income from search-derived block periods, broadening the tax base.
Clause 192 taxes the total income of the block period as determined under section 294, replacing the narrower concept of "undisclosed income," and prescribes a flat 60% tax rate with applicable surcharge, thereby broadening the tax base for block assessments while aiming to simplify rate and surcharge determinations.
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