Section 69C articles

Invocation of Section 69C if Assessee is Opting for Presumptive Taxation

If assessee opts for presumptive taxation it cannot claim any deduction of any expenditure including Depreciation. Since no deduction is allowed the AO is not permitted to add back the income as unexplained expenditure....

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Posted Under: Income Tax |

Tax Treatment of Cash Credit U/s. 68, 69, 69A, 69B, 69C and 69D

This Article discusses Tax Treatment of Cash Credit, Unexplained investments, Unexplained money, Amount of investments not fully disclosed in books of account, Unexplained expenditure and Amount borrowed or repaid on hundi in cash under section 68,Section 69, Section 69A, Section 69B, Section 69C and Section 69D respectively of Income Tax...

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Posted Under: Income Tax | ,

Section 68, 69, 69A, 69B and 69C of Income Tax Act, 1961

Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under section 69, 69A, 69B and 69C, the words used show that before any of these sections are invoked, the condition preceden...

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Taxation of Unexplained Incomes

Background To begin with, the unexplained income simply means any income for which assessee do not have valid explanation about the nature and / or source or the assessing officer is not satisfied with the explanation provided by the assessee. Under the provisions of Income-tax Act, 1961 (the Act) broadly, the term ‘unexplained incomeâ€...

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Posted Under: Income Tax |

Section 68: Provisions related to Cash Credits /Undisclosed Income

Section 68 incorporates only a rule of evidence, placing the onus of proof on the assessee. There have been hardly any amendments in this section since its introduction....

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Posted Under: Income Tax |

Budget 2018 Rationalises provisions of section 115BBE

Sub-section (2) of said section provides that no deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed to the assessee under any provision of the Act in computing his income referred to in clause (a) of sub-section (1)....

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Posted Under: Income Tax |

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September 2021