ITR B

Here are the key bullet points for Form ITR-B filed under Section 158BC of the Income-tax Act, 1961:

· Applicability

1. Applicable to persons searched under Section 132 or subject to requisition under Section 132A.

2. Covers undisclosed income as determined through search and seizure.

3. Used only for block assessment for a period of 10 previous years prior to the search date plus the "relevant previous year" (in which search took place).

· Scope

1. Covers "block period" assessments, i.e., multiple years grouped together instead of individual assessments.

2. Applies only to undisclosed income found as a result of search operations.

3. Normal assessments for the same period may also continue but cannot tax the same income again.

· Information to be Provided in ITR-B

1. PAN, status, and address of the assessee.

2. Details of block period (10 years + relevant previous year).

3. Computation of undisclosed income, including:

o Income from various sources under different heads.

o Additions based on seized documents or statements recorded.

4. Tax computation with interest under applicable sections.

5. Details of taxes paid (advance tax, self-assessment tax, TDS).

6. Statement of assets and liabilities, if required.

7. Verification by the assessee or authorized representative.