latest tax rate on unexplained investment
Tushar Singhal (11 Points)
19 May 2019
latest tax rate on unexplained investment
1 Replies
Gitesh Khona
(student)
(290 Points)
Replied 19 May 2019
Unexplained cash credit is treated as income in the year in which it is received.
Unexplained cash credits are taxed at flat rate of 60% without providing any benefit of basic exemption limit and irrespective of the tax slab. Surcharge is levied at 25% and a penalty of 6%. The final tax rate comes to 83.25% (including cess).
No deduction/allowance is allowed and no loss can be set off against such unexplained cash credit which is considered as income.
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