New Provision
Section 291, IT Act 2025
Replaces (IT Act 1961)
157
Chapter
Chapter XV — Assessment
Effective From
1 April 2026
Statutory Text — Section 291
e Assessing Officer shall notify to the assessee by an order in writing the amount of the loss as computed by him for the purposes of section 111(1) or 112 or 113(2) or 115(1), where–– (a) in the course of the assessment of the total income of any assessee, it is established that a loss has taken place; and (b) the assessee is entitled to have carried forward and set off such loss under the provisions of the said sections.
B.—Special procedure for assessment of search cases
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 291 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.