Addition in capital account
This query is : Resolved
19 April 2022
In B/S of Prop. some amount of creditors was unclaimed for many years. and the same was added to capital account of prop. What will be effect on assessment in incometax. Can ITO charge tax. and further consequences,? Opinion sought
19 April 2022
It will be considered as undisclosed income and higher tax will be levied.
24 May 2022
Thanks a lot sir, but I want to clear the concept > what will be scenario if unclaimed creditors added in income by assessee in ITR and tax paid on regular rates as per slabs. (Not higher rate of tax).
24 May 2022
Yes that is possible file ITR at normal rate.
24 May 2022
Sir, Seetharaman, I am very thankful to clear my doubt.
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