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Taxability under IT Act

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subham tekariwal

nil

35 Points Posted on 16 November 2021

I have declared some undisclosed Stock to GST department while GST Search. Need to under-stand the taxability of the same under Income Tax ACT

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Quick Summary

This discussion explores the taxability of undisclosed stock, which was declared to the GST department during a search, under the Income Tax Act. The user has credited the amount to their Profit & Loss account by debiting it under stock. The core question is whether the entire stock amount will be subject to income tax.