Section 51 - Amendment of section 158BC. - Finance Act, 2025

Amendment of section 158BC. 51. In section 158BC of the Income-tax Act, in sub-section (1), with effect from the 1st day of September, 2024, (A) in clause (a), (i) the words total income, including the shall be omitted and shall be deemed to have been omitted; (ii) after the fourth proviso, the following proviso shall be inserted and shall be deemed to have been inserted, namely: Provided also that the time allowed for furnishing a return under this clause may be extended by a further period of thirty days, where (i) in respect of a previous year immediately preceding the previous year in which the search is initiated or requisition is made, the due date for furnishing the return has not expired prior to the date of initiation of such search or requisition; (ii) the assessee was liable for audit under section 44AB for such previous year; (iii) the accounts (maintained in normal course) of such previous year have not been audited on the date of issuance of such notice; and (iv) the assessee requests in writing for extension of time for furnishing such return to get such accounts audited; ; (B) in clause (b), for the words total income including the undisclosed income , the words total undisclosed income shall be substituted and shall be deemed to have been substituted; (C) in clause (c), (i) for the words total income , the words total undisclosed income shall be substituted and shall be deemed to have been substituted; (ii) second proviso shall be omitted and shall be deemed to have been omitted.