Direct & Indirect Taxes, Tax Ready Reckoner for AY 2022-23 & 2023-24
  • Home
  • Gross Total Income (GTI)
    • All
    • Business and Profession
    • House Property
    • Salaries
    [Section 28]-Chargiability-Scope-Meaning of Income

    [Section 28]- Chargeability/Scope/Meaning of Income – Profits and Gain of Business and Profession

    Expenses allowed as a Deduction [Sections 30 to 35] -Profits and Gains of Business and Profession

    Expenses allowed as a Deduction [Sections 30 to 35] -Profits and Gains of Business and Profession

    Section 36-Other Deductions -Profits and Gains of Business and Profession

    Section 36-Other Deductions -Profits and Gains of Business and Profession.

    General Deductions [Section 37(1)]

    General Deductions [Section 37(1)] -Profits and Gains of Business or Profession

    Section 40A-Expenses or Payments Not Deductible

    Expenses or Payments Not Deductible: [Section 40A] -Profits and Gains of Business or Profession

    Section 43B-Deductions Allowed only on Actual Payment

    Section 43B-Expenses Allowed only on Actual Payment -Profits and Gains of Business and Profession

    Trending Tags

    • Gross Total Income (GTI)
    • Perquisites
    • Allowances
  • Amendments Bill 2022
    Amendments relating to Penalties and Prosecutions by the Finance Bill- 2022

    Amendments relating to Penalties and Prosecutions by the Finance Bill, 2022

    Amendments relating to Appeals and Revisions by the Finance Bill- 2022

    Amendments relating to Appeals and Revisions by the Finance Bill, 2022

    Amendments relating to Deduction and Collection of Tax at Source by the Finance Bill 2022

    Amendments relating to Deduction and Collection of Tax at Source by the Finance Bill 2022

    Amendments relating to Set off or Carry Forward and Set off of Losses by the Finance Bill 2022

    Amendments relating to Set off or Carry Forward and Set off of Losses by the Finance Bill 2022

    Amendments relating to Unexplained Cash Credits- Investment- Money etc by the Finance Bill 2022

    Amendments relating to Unexplained Cash Credits, Investment, Money etc. by the Finance Bill 2022

    Amendments relating to Income under the Head Profits and Gains of Business or Profession - By Finance Bill 2022

    Amendments to Profits and Gains of Business or Profession – By Finance Bill 2022

    Trending Tags

    • Income Tax
      • All
      • Exempted Incomes
      • Residential Status
      Exempted Incomes - Section 13A

      Exempted Incomes (Section 13A)-Incomes of Political Parties

      Exempted Incomes - Section 10AA

      Exempted Incomes (Section 10AA)- Income of Newly Established Units in Special Economic Zones (SEZ)

      Exempted Incomes - Section 10

      Exempted Incomes under Section 10 to 13A under Income Tax Act. 1956

      Residential Status [Sections 5 to 9B]

      Residential Status [Sections 5 to 9B]

      INCOME TAX (SECTION 1 TO 4)

      INCOME TAX (SECTION 1 TO 4)

      Trending Tags

      • Section-10
      • Exempted Incomes
      • Income Tax Rate
      • Residential Status
      • Exempted Incomes
      • Residential Status
    • Assessment
      • All
      • Assessment of Person
      Features of Assessment of a Firm including Limited Liability Partnership (LLP)

      Features of Assessment of a Firm including Limited Liability Partnership (LLP)

      Trending Tags

        • Assessment of Person
      • Knowledgebase on IT
        • All
        • Investment Planning
        Investment Planning for Tax Savings A.Y. 2023-24

        Investment Planning for Tax Savings A.Y. 2023-24

        Prescribed Reports-Certificates from a Chartered Accountant

        Prescribed Reports/Certificates from a Chartered Accountant under Section 288(2).

        Prescribed Audit Reports under the Income Tax Rules-Act.

        Prescribed Audit Reports under the Income Tax Rules/ Act.

        Investment in National Saving Certificate (NSC)

        Investment in National Saving Certificate (NSC) for A.Y. 2022-23 & 2023-24.

        Investment in TERM LIFE INSURANCE

        Investment in TERM LIFE INSURANCE for A.Y. 2022-23 & 2023-24.

        Investment in National Pension Scheme (NPS)

        Investment in National Pension Scheme (NPS) for A.Y. 2022-23 & 2023-24.

        Trending Tags

        • Assessment of Firm
        • Filing an Appeal
        • Tax Saving Investment
        • Audit Report
        • Investment Planning
      No Result
      View All Result
      Direct & Indirect Taxes, Tax Ready Reckoner for AY 2022-23 & 2023-24
      • Home
      • Gross Total Income (GTI)
        • All
        • Business and Profession
        • House Property
        • Salaries
        [Section 28]-Chargiability-Scope-Meaning of Income

        [Section 28]- Chargeability/Scope/Meaning of Income – Profits and Gain of Business and Profession

        Expenses allowed as a Deduction [Sections 30 to 35] -Profits and Gains of Business and Profession

        Expenses allowed as a Deduction [Sections 30 to 35] -Profits and Gains of Business and Profession

        Section 36-Other Deductions -Profits and Gains of Business and Profession

        Section 36-Other Deductions -Profits and Gains of Business and Profession.

        General Deductions [Section 37(1)]

        General Deductions [Section 37(1)] -Profits and Gains of Business or Profession

        Section 40A-Expenses or Payments Not Deductible

        Expenses or Payments Not Deductible: [Section 40A] -Profits and Gains of Business or Profession

        Section 43B-Deductions Allowed only on Actual Payment

        Section 43B-Expenses Allowed only on Actual Payment -Profits and Gains of Business and Profession

        Trending Tags

        • Gross Total Income (GTI)
        • Perquisites
        • Allowances
      • Amendments Bill 2022
        Amendments relating to Penalties and Prosecutions by the Finance Bill- 2022

        Amendments relating to Penalties and Prosecutions by the Finance Bill, 2022

        Amendments relating to Appeals and Revisions by the Finance Bill- 2022

        Amendments relating to Appeals and Revisions by the Finance Bill, 2022

        Amendments relating to Deduction and Collection of Tax at Source by the Finance Bill 2022

        Amendments relating to Deduction and Collection of Tax at Source by the Finance Bill 2022

        Amendments relating to Set off or Carry Forward and Set off of Losses by the Finance Bill 2022

        Amendments relating to Set off or Carry Forward and Set off of Losses by the Finance Bill 2022

        Amendments relating to Unexplained Cash Credits- Investment- Money etc by the Finance Bill 2022

        Amendments relating to Unexplained Cash Credits, Investment, Money etc. by the Finance Bill 2022

        Amendments relating to Income under the Head Profits and Gains of Business or Profession - By Finance Bill 2022

        Amendments to Profits and Gains of Business or Profession – By Finance Bill 2022

        Trending Tags

        • Income Tax
          • All
          • Exempted Incomes
          • Residential Status
          Exempted Incomes - Section 13A

          Exempted Incomes (Section 13A)-Incomes of Political Parties

          Exempted Incomes - Section 10AA

          Exempted Incomes (Section 10AA)- Income of Newly Established Units in Special Economic Zones (SEZ)

          Exempted Incomes - Section 10

          Exempted Incomes under Section 10 to 13A under Income Tax Act. 1956

          Residential Status [Sections 5 to 9B]

          Residential Status [Sections 5 to 9B]

          INCOME TAX (SECTION 1 TO 4)

          INCOME TAX (SECTION 1 TO 4)

          Trending Tags

          • Section-10
          • Exempted Incomes
          • Income Tax Rate
          • Residential Status
          • Exempted Incomes
          • Residential Status
        • Assessment
          • All
          • Assessment of Person
          Features of Assessment of a Firm including Limited Liability Partnership (LLP)

          Features of Assessment of a Firm including Limited Liability Partnership (LLP)

          Trending Tags

            • Assessment of Person
          • Knowledgebase on IT
            • All
            • Investment Planning
            Investment Planning for Tax Savings A.Y. 2023-24

            Investment Planning for Tax Savings A.Y. 2023-24

            Prescribed Reports-Certificates from a Chartered Accountant

            Prescribed Reports/Certificates from a Chartered Accountant under Section 288(2).

            Prescribed Audit Reports under the Income Tax Rules-Act.

            Prescribed Audit Reports under the Income Tax Rules/ Act.

            Investment in National Saving Certificate (NSC)

            Investment in National Saving Certificate (NSC) for A.Y. 2022-23 & 2023-24.

            Investment in TERM LIFE INSURANCE

            Investment in TERM LIFE INSURANCE for A.Y. 2022-23 & 2023-24.

            Investment in National Pension Scheme (NPS)

            Investment in National Pension Scheme (NPS) for A.Y. 2022-23 & 2023-24.

            Trending Tags

            • Assessment of Firm
            • Filing an Appeal
            • Tax Saving Investment
            • Audit Report
            • Investment Planning
          No Result
          View All Result
          Direct & Indirect Taxes, Tax Ready Reckoner for AY 2022-23 & 2023-24
          No Result
          View All Result
          Home Gross Total Income (GTI) Business and Profession

          Section 69- Undisclosed income and investments Taxed as Deemed Income of Business and Profession

          Income referred to in Section 68, 69A, 69B, 69C and 69D which are undisclosed income and Investments Taxed as Deemed Income of Business and Profession.

          in Business and Profession
          A A
          Undisclosed income and investments Taxed as Deemed Income under Section 69
          Share on FacebookShare on Twitter

          Income referred to in Section 68, 69A, 69B, 69C and 69D which are undisclosed income and Investments Taxed as Deemed Income of Business and Profession.

          Table of Contents

          • 1.  Cash credits [Section 68]:
          • 2.  Unexplained investments [Section 69]:
          • 3.  Unexplained money, etc. [Section 69A]:
          • 4.  Amount of investments, not fully disclosed in books of account [Section 69B]:
          • 5.  Unexplained expenditure, etc. [Section 69C]:
          • 6.  Amount borrowed or repaid on hundi [Section 69D]:
          • 7.  Taxation of cash credits, unexplained money, unexplained investments etc. covered under section 68,  69, 69A, 69B, 69C & 69D [Section 115BBE]
            • (1) Cash credits, unexplained money, unexplained investments etc. to be taxed @ 60% [Section  115BBE(1)]:
            • (2) Expenditure or allowance or set off of any loss not to be allowed from above said incomes [Section 115BBE(2)]:
            • Surcharge on income-tax in the above case [Applicable w.e.f. A.Y. 2017-18]

          1.  Cash credits [Section 68]:

          Where any sum is found credited in the books of an assessee, maintained  for any previous year, and the assessee 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, the sum so credited may  be charged to income-tax as the income of the assessee of that previous year.  Where the assessee is a closely held company and the sum so credited consists of share application money,  share capital, share premium or any such amount then the person being a resident in whose name such credit is  recorded in the books of such company should offer an explanation about the nature and source of such sum  credited. If the nature and source of such amount is not found satisfactory by the Assessing Officer then such  amount credited shall be treated as income of the company in whose books of account such sum is found credited.

          2.  Unexplained investments [Section 69]:

          Where in the financial year immediately preceding the  assessment year, the assessee has made investments which are not recorded in the books of account, if any,  maintained by him for any source of income and the assessee offers no explanation about the nature and source of  the investments or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the  value of the investments may be deemed to be the income of the assessee of such financial year.

          3.  Unexplained money, etc. [Section 69A]:

          Where in any financial year, the assessee is found to be the  owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable  article is not recorded in the accounts, if any maintained by him for any source of income, and the assessee offers  no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable  article, or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the money  and the value of the bullion, jewellery or other valuable articles may be deemed to be the income of the assessee  for such financial year.

          4.  Amount of investments, not fully disclosed in books of account [Section 69B]:

          Where in any  financial year, the assessee has made investments or is found to be the owner of any bullion, jewellery or other  valuable article, and the Assessing Officer finds that the amount expended on making such investments or in  acquiring such bullion, jewellery or other valuable article exceeds the amount recorded in this behalf in the books  of account maintained by the assessee for any source of income and the assessee offers no explanation about such  excess amount or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the  excess amount may be deemed to be the income of the assessee for such financial year.

          5.  Unexplained expenditure, etc. [Section 69C]:

          Where in any financial year, an assessee has incurred  any expenditure and he offers no explanation about the source of such expenditure or part thereof, or the explanation, if any, offered by him is not, in the opinion of the Assessing Officer, satisfactory, the amount  covered by such expenditure or part thereof, as the case may be, may be deemed to be the income of the assessee  for such financial year.

          Further, notwithstanding anything contained in any other provision of the Income-tax Act, such unexplained  expenditure which is deemed to be the income of the assessee, shall not be allowed as a deduction under any head  of income.

          6.  Amount borrowed or repaid on hundi [Section 69D]:

          Where any amount is borrowed on a hundi  from, or any amount due thereon is repaid to, any person otherwise than through an account payee cheque drawn  on a bank, the amount so borrowed or repaid shall be deemed to be the income of the person borrowing or  repaying the amount aforesaid for the previous year, in which the amount was borrowed or repaid, as the case  may be, provided that, if in any case any amount borrowed on a hundi has been deemed under the provisions of  this Section to be the income of any person, such person shall not be liable to be assessed again in respect of such  amount under the provisions of this Section on repayment of such amount.

          Explanation: For the purposes of this Section, the amount repaid shall include the amount of interest paid on  the amount borrowed.

          7.  Taxation of cash credits, unexplained money, unexplained investments etc. covered under section 68,  69, 69A, 69B, 69C & 69D [Section 115BBE]

          (1) Cash credits, unexplained money, unexplained investments etc. to be taxed @ 60% [Section  115BBE(1)]:

          Where the total income of an assessee,—

          (a)        includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or  section 69D and reflected in the return of income furnished under section 139; or

          (b)        determined by the Assessing Officer includes any income referred to in section 68, section 69, section  69A, section 69B, section 69C or section 69D, if such income is not covered under clause (a),

          the income-tax payable shall be the aggregate of—

          (i)         the amount of income-tax calculated on the income referred to in clause (a) and clause (b), at the rate of  60%; and

          (ii)        the amount of income-tax with which the assessee would have been chargeable had his total income been  reduced by the amount of income referred to in clause (i).

          (2) Expenditure or allowance or set off of any loss not to be allowed from above said incomes [Section 115BBE(2)]:

          Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or  allowance or set off of any loss shall be allowed to the assessee under any provision of this Act in computing his  income referred to in clause (a) or clause (b) of section 115BBE(1).

          Surcharge on income-tax in the above case [Applicable w.e.f. A.Y. 2017-18]

          In respect of any income chargeable to tax under section 115BBE(1)(i) of the Income-tax Act (see above), the  income-tax payable, shall be increased by a surcharge, for the purposes of the Union, calculated @ 25% of  such income-tax payable.

          Tags: Business and ProfessionGross Total Income (GTI)
          ShareTweetShare
          Previous Post

          Section 41-Deemed Profits Chargeable to Tax as Business Income

          Next Post

          Section 43B-Expenses Allowed only on Actual Payment -Profits and Gains of Business and Profession

          Next Post
          Section 43B-Deductions Allowed only on Actual Payment

          Section 43B-Expenses Allowed only on Actual Payment -Profits and Gains of Business and Profession

          • Trending
          • Comments
          • Latest
          Rates of Income Tax for Assessment Year 2022-23 & 2023-24

          Rates of Income Tax for Assessment Year 2022-23 & 2023-24

          January 12, 2023
          Exempted Incomes - Section 10

          Exempted Incomes under Section 10 to 13A under Income Tax Act. 1956

          December 23, 2022
          Residential Status [Sections 5 to 9B]

          Residential Status [Sections 5 to 9B]

          November 22, 2022
          Exempted Incomes - Section 13A

          Exempted Incomes (Section 13A)-Incomes of Political Parties

          December 24, 2022
          Investment in TERM LIFE INSURANCE

          Investment in TERM LIFE INSURANCE for A.Y. 2022-23 & 2023-24.

          6
          Rates of Income Tax for Assessment Year 2022-23 & 2023-24

          Rates of Income Tax for Assessment Year 2022-23 & 2023-24

          0
          Amendments relating to Incomes which do not Form Part of Total Income by The Finance Bill 2022

          Amendments relating to ‘Exempted Incomes -Section-10’ by The Finance Bill 2022

          0
          Amendments relating to Income under the Head Profits and Gains of Business or Profession - By Finance Bill 2022

          Amendments to Profits and Gains of Business or Profession – By Finance Bill 2022

          0
          [Section 28]-Chargiability-Scope-Meaning of Income

          [Section 28]- Chargeability/Scope/Meaning of Income – Profits and Gain of Business and Profession

          January 20, 2023
          Expenses allowed as a Deduction [Sections 30 to 35] -Profits and Gains of Business and Profession

          Expenses allowed as a Deduction [Sections 30 to 35] -Profits and Gains of Business and Profession

          January 20, 2023
          Section 36-Other Deductions -Profits and Gains of Business and Profession

          Section 36-Other Deductions -Profits and Gains of Business and Profession.

          January 20, 2023
          General Deductions [Section 37(1)]

          General Deductions [Section 37(1)] -Profits and Gains of Business or Profession

          January 19, 2023

          Recent News

          [Section 28]-Chargiability-Scope-Meaning of Income

          [Section 28]- Chargeability/Scope/Meaning of Income – Profits and Gain of Business and Profession

          January 20, 2023
          Expenses allowed as a Deduction [Sections 30 to 35] -Profits and Gains of Business and Profession

          Expenses allowed as a Deduction [Sections 30 to 35] -Profits and Gains of Business and Profession

          January 20, 2023
          Section 36-Other Deductions -Profits and Gains of Business and Profession

          Section 36-Other Deductions -Profits and Gains of Business and Profession.

          January 20, 2023
          General Deductions [Section 37(1)]

          General Deductions [Section 37(1)] -Profits and Gains of Business or Profession

          January 19, 2023
          Direct & Indirect Taxes, Tax Ready Reckoner for AY 2022-23 & 2023-24

          Income Tax Management and Tax Ready Reckoner with Tax Planning for the Assessment Years 2022-2023 & 2023-2024 - for Students, Salaried, Professionals & Businessman.

          Browse by Category

          • Amendments Bill 2022
          • Assessment
          • Assessment of Person
          • Business and Profession
          • Exempted Incomes
          • House Property
          • Income Tax
          • Investment Planning
          • Knowledgebase on IT
          • Residential Status
          • Salaries

          Recent News

          [Section 28]-Chargiability-Scope-Meaning of Income

          [Section 28]- Chargeability/Scope/Meaning of Income – Profits and Gain of Business and Profession

          January 20, 2023
          Expenses allowed as a Deduction [Sections 30 to 35] -Profits and Gains of Business and Profession

          Expenses allowed as a Deduction [Sections 30 to 35] -Profits and Gains of Business and Profession

          January 20, 2023
          • Home
          • Gross Total Income (GTI)
          • Amendments Bill 2022
          • Income Tax
          • Assessment
          • Knowledgebase on IT

          © 2022 : incomeTAXManagement.in - Assessment Years 2022-2023 & 2023-2024.

          No Result
          View All Result
          • Home
          • Gross Total Income (GTI)
          • Amendments Bill 2022
          • Income Tax
            • Exempted Incomes
            • Residential Status
          • Assessment
            • Assessment of Person
          • Knowledgebase on IT
            • Investment Planning

          © 2022 : incomeTAXManagement.in - Assessment Years 2022-2023 & 2023-2024.