Introduction Income tax payment is a vital component of every taxpayer’s life. Whether you are a salaried employee or a business owner, you need to pay your taxes on time to avoid any penalties or legal complications. One of the most popular methods for making income tax payment is using Challan 280. Challan 280 is […]

Amount of investments, etc., not fully disclosed in books of account 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

Unexplained money, etc 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 books of account, if any, maintained by him for any source of income, and the assessee offers

Unexplained investments 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

Cash credits 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

Method of computing a member’s share in income of association of persons or body of individuals (1) In computing the total income of an assessee who is a member of an association of persons or a body of individuals wherein the shares of the members are determinate and known [other than a company or a

Method of computing a partner’s share in the income of the firm [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]

Total income In computing the total income of an assessee, there shall be included all income on which no income-tax is payable under Chapter VII.

Liability of person in respect of income included in the income of another person Where, by reason of the provisions contained in this Chapter or in clause (i) of section 27, the income from any asset or from membership in a firm of a person other than the assessee is included in the total income of

Income of individual to include income of spouse, minor child, etc  (1) In computing the total income of any individual, there shall be included all such income as arises directly or indirectly—   (i) [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]  (ii) to the spouse of such individual by way of salary, commission, fees or