Indian Income Tax | Block Assessment

In cases where search & seizure action would be conducted on or after 01/09/2024 by the Income tax department under the income tax laws, assessment shall be made by the income tax authorities as per the provisions of chapter XIV-B comprising of section 158B to 158BI in the Income tax Act, 1961 read with Income Tax Rules, 1962.

Provisions of Chapter XIV-B of the Income tax Act, 1961 are re-introduced by the Finance (No. 2) Act, 2024.

A detailed discussion on Block Assessment Procedure