What is section 68 of Income Tax Act?
As per section 68, any sum found credited in the books of a taxpayer, for which he offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, may be charged to income-tax as the income of the taxpayer of that year.
What is section 58 of Income Tax Act?
Expenses not deductible under Section 58
| Section | Nature of Income |
|---|---|
| 58(1)(a)(ii) | Interest subject to tax, which is payable outside India (there has been no previous tax deduction on this interest) |
| 58(1)(a)(iii) | ‘Salary’ payable outside India on which no tax is deducted at source or paid |
| 58(1A) | Wealth-tax |
What is section 59 of Income Tax Act?
Section 59 in The Income- Tax Act, 1995. (1) The provisions of sub- section (1) of section 41 shall apply, so far as may be, in computing the income of an assessee under section 56, as they apply in computing the income of an assessee under the head” Profits and gains of business or profession”.
What are the income from undisclosed sources?
According to tax regulations, the amount of income not covered by disclosed sources or coming from undisclosed sources is established by assuming as the basic amount that amount incurred by the taxpayer in the tax year of expenditures and value of property accrued this year, if these expenditures and values are not …
What is section 69 of Income Tax Act?
Section 69 is the weapon in the armoury of the revenue department to detect the tax evasion in respect of clandestine investments made by the assessee & naturally which are not recorded in the books of accounts, if any, maintained by him.
What is Section 144 of income tax?
Assessment under section 144 is known as best judgment assessment. This is an assessment carried out as per the best judgment of the Assessing Officer. This assessment is carried out in a case where the taxpayer fails to comply with the requirements specified in section 144.
What is section 57 of Income Tax Act?
(a) Collection charges [Section 57(i)]: Any reasonable sum paid by way of commission or remuneration to a banker, or any other person for the purpose of realising the interest. (b) Interest on loan [Section 57(iii)]: Interest on money borrowed for investment in securities can be claimed as a deduction.
What is Section 80D?
Section 80D allows for the deduction for money spent on maintaining your health and health insurance , and assumes great significance in your tax planning and personal finance.
What is the tax rate for undisclosed income?
If undisclosed income is admitted during the course of search and assessee pays tax and interest and files return, a penalty @ 10% of such undisclosed income is payable. If undisclosed income is not admitted but the same is furnished in the return filed after such search, 20% of such undisclosed income is payable.
What is Section 115BAA?
Section 115BAA states that domestic companies have the option to pay tax at a rate of 22% plus sc of 10% and cess of 4%. The Effective Tax rate being 25.17% from the FY 2019-20 (AY 2020-21) onwards if such domestic companies adhere to certain conditions specified.
What is section 148 in income tax act?
Section 148 of the Income Tax Act, 1961 deals with the issuance of notice wherein any income is found to have escaped re-computation or assessment.