Any income U/S 68 is unexpained will be treated as income. it is taxed under the same business carried by the assessee under the head of " income from business & profession ". Whether Rule 8 for aggregation of agriculture income & business income will apply to the above income U/S 68 ?
Menu
unexplained income U/S 68
Replies (1)
Any income that is "undisclosed income" u/s 68 shall be added to the income of assessee and tax shall be calculated on such revised income. in this case, this is only a computation of income for the same assessment year to which such income pertains. it is the same procedure that we follow for computing the income in regular course. hence, is such case also, the aggregation of agricultural income for rate purpose shall apply to it.
- CA. Amol G. Kabra
Recent Topic
Related Topics
CAclubindia
