Section 192 — Tax in case of block assessment of search cases
Old Act equivalent: Section 113 of IT Act 1961 Sub-part: A—Determination of tax in certain special cases
Statutory Text
- (1) Irrespective of anything contained in any other provisions of this Act, the total undisclosed income of the block period, determined under section 294 shall be chargeable to tax at the rate of 60%. (2) The tax chargeable under sub-section (1) shall be increased by a surcharge, if any, levied by any Central Act. Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Undisclosed income of block period determined under section 294.
- Conditions: Total undisclosed income of block period chargeable at flat 60%.
- Time limits: Block period as defined for search cases.
- Monetary limits: 60% flat rate plus surcharge if applicable.
- Exceptions: None.
Cross-References
- Section 294
Amendment Notes
None noted from the extracted pages.
Practical Notes
Related Circulars
- Circular 1/2024
- Circular 1/2025
- Circular 4/2008