2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195640 Points)
Replied 09 July 2018
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 09 July 2018
Section 68 of Income Tax Act 1961 deals with unexplained cash cerdit.
As per Section 115BBE, income tax shall be calculated at 60% where the total income of assessee consist of unexplained cash credit.
Conditions are
a) Income referred to in Section 68 reflected in the return of income furnished under Section 139; or
b) Which is determined by the Assessing Officer and includes any income referred to in Section 68 .
Such tax rate of 60% will be further increased by 25% surcharge, 6% penalty, i.e., the final tax rate comes out to be 83.25% (including cess). Provided that such 6% penalty shall not be levied when the income under Section 68, 69, etc., has been included in return of income and tax has been paid on or before the end of relevant previous year. No deduction in respect of any expenditure or allowance [or set off of any loss] shall be allowed to the assessee in computing his income referred to in clause (a) of sub-section (1) of Section 115BBE.
Recent Topics
- Interest earned on deposits placed with corporates
- Pension Misclassification and Correction in ITR
- Failed to File SPL-02 before June 30th
- AIS Utility
- Fees receipts for Technical services ..income
- INTEREST WILL PAID
- GSTR-2A Shows 3B not filed but actually files
- Private Limited Company Strike Off (No Business in
- GST on forfeiture of Security Deposit
- Form16 shows investments as done - But I will go b
Related Threads
Trending Online Classes
CAclubindia
