Income tax dept notifies form ITR-B for taxpayers on whom search, or requisition operation has been initiated
The Ministry of Finance has notified form ITR-B for FY 2025-26 (AY 2026-27) through a gazetted notification on April 7, 2025. The form ITR-B is needed to be filed by those taxpayers who have to disclose any previously undisclosed income caught in an income tax search or requisition operation on or after September 1, 2024.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
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If you have to file ITR-B then note that unlike other ITR forms like ITR-1, 2, 3, etc, ITR-B is filed for block assessment years. It's like once a search or requisition operation has been conducted, you need to file ITR for the undisclosed incomes for a specified number of assessment years in bulk, preceding the assessment year relevant to the previous year in which search was initiated under Section 132 or any requisition was made under Section 132A. For example: we file ITR-1 for 1 financial year but we can file ITR-B for 6 years collectively.
The ministry has also released four important notes to this ITR-B form, which is helpful in these cases.
Who is required to file ITR-B and what is its deadline?
According to the gazetted notification, ITR-B is needed to be filed under Section 158BC.The notification says “Return of income under section 158BC.– (1) The return of income required to be furnished by any person under clause (a) of sub-section (1) of section 158BC, relating to any search initiated under section 132 or requisition made under section 132A on or after the 1st day of September, 2024 shall be in the Form ITR-B and be verified in the manner indicated therein.”
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The deadline to file ITR-B is usually 60 days from the date of the tax notice given after a search or requisition operation.
Some important notes for filing ITR-B
According to the notification here are the details:Note 1
Assessment Year Y6 to Y1
Six assessment years preceding the assessment year relevant to the previous year in which search was initiated under section 132 or any requisition was made under section 132A.
Assessment Year Y0:
Where search/requisition is concluded in the same year in which it was initiated: Y0 is the period in the assessment year relevant to the previous year which will be from the 1st April of the year in which search/requisition initiated up to the date of execution of the last of the authorisations for search or requisition. Where the date of execution of the last of the authorisations for search or requisition falls in a previous year subsequent to the year in which the search or requisition was initiated: Y0 is the complete assessment year relevant to the previous year starting from the 1st April of the year in which search/requisition is initiated and up to 31st March of that year.Assessment Year Y+1 (To be filled in case the date of execution of the last of the authorisations for search or requisition falls in a previous year subsequent to the year in which the search or requisition was initiated): Y+1 is the period in the assessment year relevant to the previous year which will be from the 1st April of the year in which last of authorisations of search/requisition was executed and ending with the date of last of authorisations of search/requisition.
Note 2
Section 158BB(1A)(c)(i): For the purposes for filing details of the assessment year Year 1 where the relevant previous year has ended and the due date for furnishing the return under section 139(1) for such year has not expired, where accounts are not audited (if they are required to be audited), provisional figures are required to be furnished based on the books of account maintained in normal course.
This shall not be considered as a return under section 139(1) for the relevant assessment year. Further, this income is required to be included in the return of income furnished under section 139 for the relevant assessment year.
Note 3
Section 158BB(1A)(c)(i): For the purposes for filing details of the assessment year Y0 (where Y0 is a complete year) where the relevant previous year has ended and the due date for furnishing the return under section 139(1) for such year has not expired, provisional figures are required to be furnished based on the books of account maintained in normal course.
This shall not be considered as a return under section 139(1) for the relevant assessment year. Further, this income is required to be included in the return of income furnished under section 139 for the relevant assessment year.
Note 4
Section 158BB(3): In terms of the provisions of this section, any undisclosed income in respect of any international transaction or specified domestic transaction pertaining to the part previous year comprising in the block period is required to be assessed under provisions other than the applicable provisions for block assessment.
Accordingly, any undisclosed income on this account is not required to be submitted as part of the block return.
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This story originally appeared on: India Times - Author:Faqs of Insurances
