Cash credited by capital account tax applicable

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B.com
3026 Points Posted on 25 December 2023
if a it person cash credited by capital account rs:4 lacs amount f.y.23-24.
question:
assessess cash credit amount tax applicable in it act
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On 25 December 2023 at 21:01 Report
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Quick Summary
This discussion explores the taxability of a cash credit of Rs 4 lacs made to a capital account in FY 23-24. The applicability of tax under the IT Act depends on the source of the cash. If the source can be explained as tax-free receipts, then no tax will be applicable. Otherwise, tax will be levied on the cash credit amount.

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accountant
888 Points Posted on 25 December 2023
@ Kollipara aundaraiah if points are given for asking questions then you will be the topper in the leaderboard. You asked more number of questions than total number of answers given by all experts.
1 Reply
On 25 December 2023 at 21:48
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Practising CA
8954 Points Posted on 26 December 2023
If source of cash can be explained as taxfree receipts, then no tax. Else, tax applicable
1 Reply
On 26 December 2023 at 23:45

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