Undisclosed sources of income
This query is : Resolved
Siddarth Krishnan
(Querist)
01 February 2016
can someone please help me out
with examples of each if undisclosed sources of income like cash credit , unexplained investments etc. I am not able to get conceptual clarity in that topic
please sir and madam
01 February 2016
Cash credit: For example there was a credit of Rs. 10 lakhs in your books of account for a particular previous year, you need explain its source otherwise it will be taxable as other income or u/s 68 @ 30%;
Unexplained investments: Unexplained and unrecorded investments may of be any kind including shares, land, building, etc. taxable @ 30%;
As per section 115BBE, income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D are taxable @ 30%
Unexplained investments: Unexplained and unrecorded investments may of be any kind including shares, land, building, etc. taxable @ 30%;
As per section 115BBE, income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D are taxable @ 30%
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