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What is Tax Treatment of Cash Credits Explained about?

The document discusses the tax treatment of cash credits in India. Section 68 of the Indian Income Tax Act provides that any sum found credited in the books of a taxpayer, for which no explanation regarding nature and source is provided or the explanation provided is deemed unsatisfactory by tax authorities, may be charged to income tax as income of the taxpayer for that year. For closely held companies, the explanation is deemed unsatisfactory unless the person in whose name the credit is recorded also pro

Author

akash

Language

EN