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Apr 09, 2025
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Finance ministry notifies form ITR-B to report undisclosed income
The finance ministry on Tuesday notified Form ITR-B through the gazette which needs to be filed by taxpayers who need to reveal any previously undisclosed income caught in an income tax search or requisition operation on or after September 1, 2024 through block assessment.
“Unlike the detailed disclosures necessitated in conventional ITR forms, Form ITR-B calls for limited data specifically related to the block assessment period. This ensures that taxpayers are not overburdened with compliance requirements while ensuring precision in data reporting,”said Sandeep Jhunjhunwala, M&A tax partner, Nangia Andersen LLP.
The block assessment process in income tax refers to a special procedure used by tax authorities to assess the undisclosed income of a taxpayer, typically when there is evidence of concealed or undisclosed income over a period of time.
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