This blog post details a significant update for taxpayers who have received a notice under Section 158BC of the Income-tax Act, 1961. It explains that Form ITR-B, a special return for undisclosed income found during past search and seizure operations, can now be submitted conveniently through the Income Tax portal's e-Proceeding tab. The article clarifies what a Section 158BC notice entails, highlights the benefits of online submission (convenience, efficiency, transparency), provides step-by-step guidance, and emphasizes the crucial role of professional advice for these complex assessments.

A substantial 70% extra tax on files after the two-year mark is the catch of the planned extension of the revised ITR filing term from two to four years in the Union Budget 2025. The goal of this action is to deter tax evasion and promote prompt compliance. This article examines the ramifications, professional viewpoints, and actions that taxpayers must take to avoid fines.

For AY 2024–2025, the Income Tax Department has released revised tools for ITR Forms 2 and 3. Now, taxpayers have the option to file their taxes online or offline and collect the Section 87A reimbursement. Find more about the changes, difficulties, and actions taxpayers should take to ensure smooth compliance.