New Provision
Section 297, IT Act 2025
Replaces (IT Act 1961)
158BF
Chapter
Chapter XV — Assessment
Effective From
1 April 2026
Statutory Text — Section 297
terest under sections 423, 424 or 425 or penalty under section 439 shall not be levied or imposed upon the assessee for the undisclosed income assessed or reassessed for the block period. Levy of interest and penalty in certain cases. 298. (1) W
Shahi & Co. — Our Understanding
This section falls under Chapter XV which governs the assessment process — how the Income Tax Department examines, processes, and finalises your tax return.
Practical Note: Understanding assessment provisions is important for responding to notices and maintaining proper records. The faceless assessment scheme (Section 273) continues under the new Act, requiring all responses through the online portal.
Shahi & Co., Chartered Accountants
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Disclaimer: This is a reproduction of Section 297 of the Income Tax Act, 2025 (No. 30 of 2025) as published in the Official Gazette of India (CG-DL-E-22082025-265620) for informational and reference purposes only. Shahi & Co., Chartered Accountants makes no warranty as to completeness or accuracy. For the official authenticated text refer to
egazette.gov.in or
incometaxindia.gov.in. This does not constitute legal or tax advice.