Income earned in a previous year gets taxed in its assessment year – Exception (Income Tax)
Normally, income earned in a previous year gets taxed in its assessment year.
However, in certain cases, where income is not disclosed by the taxpayer but is detected by the Income Tax department and the source for which is not satisfactorily explained by the assessee to the Assessing Officer, it is deemed to be the income of the year in which it is so detected.
Following are such cases –
(i) Cash Credits [Section 68]
(ii) Unexplained Investments [Section 69]
(iii) Unexplained money etc. [Section 69A]
(iv) Amount of investments etc., not fully disclosed in the books of the account [Section 69B]
(v) Unexplained expenditure [Section 69C]
(vi) Amount borrowed or repaid on hundi [Section 69D]
For an explanation of each refer another article.
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