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Section 69B of the Income Tax Act, 1961, deals with undisclosed investments and assets that are not fully disclosed in the books of accounts. If an assessee has made investments in bullion, jewellery, or other valuable articles and the amount spent on acquiring these assets exceeds what is recorded in the books, the excess may […]

Unexplained money, assets, and transactions can lead to serious tax implications under Indian tax laws. The Income Tax Act, 1961, has various provisions to address undisclosed income, one of the most critical being Section 69A. This section empowers the Assessing Officer (AO) to deem unexplained money, bullion, jewellery, or other valuable articles as income if

Unexplained investments have long been a critical focus area for the Income Tax Department in India. Under Section 69 of the Income Tax Act, if an assessee has made investments that are not recorded in the books of accounts and fails to provide a satisfactory explanation regarding the nature and source of these investments, the

Cash credits are a significant concern under the Income Tax Act, especially for businesses and individuals who receive unexplained sums of money in their financial accounts. Section 68 of the Income Tax Act deals with the taxation of such unexplained cash credits, ensuring that income is properly accounted for and taxed. In this blog, we

Tax planning is a crucial aspect of financial management, and understanding the provisions of the Income Tax Act can help individuals optimize their tax liabilities. Section 64 of the Income Tax Act, 1961, deals with the clubbing of income, which means that in certain cases, the income of a spouse, minor child, or other specified

When computing income under the head “Income from Other Sources,” taxpayers must be aware of expenses that are explicitly not deductible under Section 58 of the Income Tax Act, 1961. This section imposes specific restrictions on deductions, ensuring that certain expenditures do not reduce taxable income. Below, we break down the key provisions of Section

Tax planning is a crucial aspect of financial management, and one of the key provisions under the Indian Income Tax Act is the ability to set off losses against income from other heads. Section 71 of the Income Tax Act provides the guidelines for inter-head loss adjustments, helping taxpayers optimize their tax liabilities effectively. What

When computing income under the head “Income from Other Sources”, Section 57 of the Income Tax Act provides specific deductions that can help taxpayers minimize their taxable income. Understanding these deductions is crucial for individuals and businesses aiming to optimize their tax liabilities effectively. Deduction on Dividend and Interest Income Any reasonable sum paid as

Section 54GB of the Income Tax Act provides an exemption from capital gains tax on the sale of a residential property if the proceeds are invested in an eligible business. This section encourages entrepreneurship by allowing individuals and Hindu Undivided Families (HUFs) to reinvest their gains in startups or small and medium enterprises (SMEs) instead

For industrial undertakings looking to relocate from urban areas to Special Economic Zones (SEZs), Section 54GA of the Income Tax Act provides significant tax relief. This exemption aims to encourage businesses to move to SEZs, which offer various economic benefits and infrastructural advantages. In this blog, we will explore the key provisions of Section 54GA