Cracked it - Section 68 of Income-tax Act
tax du_llb beginner success_sharefinally maine socha ki main section 68 khareed loon. maine suna tha ki yeh section jo bhi videshi kiye gaye investment ko India mein tax mein shaamil karta hai. maine suna tha ki yeh investment ki proof mangta hai, agar proof nahi hai to investment tax mein shaamil kiya ja sakta hai. par maine ab thoda socha hai, agar investment ki proof nahi hai toh investment ki income tax mein shaamil karne ka matlab yeh hai ki investment ki source anonymous hai. maine ab ye baat samjhi hai aur mujhe lagta hai ki yeh concept maine pehle bhi padha tha lekin ab to maine samajh liya.
2 Comments
Main toh ek to samjha chuka hoon ki Section 68 ke under, income tax department aapka investment proof chahehti hai, jaise account statements ya receipts. Lekin, agar aapka investment proof sahi nahi hai, toh income tax department aapko 6 mahine ki aadhaar aur investment proof dene ka mudda karegaa.
Bro, Section 68 is a game changer in tax litigation! It states that any sums found credited in an assessee's books of account and not explained by him, the assessing officer can assume that such credit is income of the assessee. So, if assessee can't explain the credit, it's presumed to be income, and tax liability arises. Simple but crucial, yaar!