The article discusses the reintroduction of the block assessment scheme under Chapter XIV-B by the Finance (No. 2) Act 2024 and the subsequent amendments introduced by the Finance Act 2025, including the notification of Form ITR-B for search/requisition cases initiated on or after 01-09-2024. It highlights the need for a consolidated assessment framework, outlines the structure and filing process of ITR-B, and addresses unresolved compliance issues due to procedural delays. The key highlights include:
‣ Reintroduction of Block Assessment Scheme
‣ Introduction to Form ITR-B
‣ Eligibility to File ITR-B
‣ Mode and Manner of Filing ITR-B
‣ Breakdown of the ITR-B Structure
‣ Detailed Guidance on Filling Each Part of ITR-B
‣ Unresolved Issues and Compliance Challenges
