ITR-B: A New Step Toward Simplifying Tax Disclosure

The Finance Ministry has just introduced Form ITR-B, aimed at making it easier to report undisclosed income uncovered during search or requisition operations carried out on or after September 1, 2024.

Unlike the regular ITR forms that require exhaustive details, ITR-B simplifies the process by asking only for specific data related to the block assessment period. This helps reduce the compliance burden, especially for those dealing with complex assessments post-search.

One key advantage?

You can still claim TDS and TCS credits against the disclosed income — subject to verification by the department.

The form is to be filed digitally, but some parts still need manual signatures and official stamps, so a hybrid process is involved.

Whether you’re a taxpayer or a professional handling such cases — it’s important to be aware of this update to avoid last-minute hassles.

DISCLAIMER: The information provided in this article is intended for general informational purposes only and is based on the latest guidelines and regulations. While we strive to ensure the accuracy and completeness of the information, it may not reflect the most current legal or regulatory changes. Taxpayers are advised to consult with a qualified tax professional or you may contact to our tax advisor team through call +91-9871990777 or info@semantictaxgen.in