Unexplained cash in your bank account? Be ready to pay up to 83% income tax (Business Opportunities - Other Business Ads)

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Item ID 130937202 in Category: Business Opportunities - Other Business Ads

Unexplained cash in your bank account? Be ready to pay up to 83% income tax


Did you make a big unexplained cash credit in your bank account in the previous year? You may have to pay a heavy tax on that amount if the IT department finds it. According to Section 69A of the Income Tax Act, if it turns out that you own any cash, gold, jewellery or any valuable article in the previous year that was not recorded in your books, you either don't offer any explanation as to the nature and origin of this acquisition or if the Assessing Officer is not satisfied by such explanation, the money and value of the bullion, jewellery, or other valuable items may be deemed to be the taxpayer income for such year

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Target State: All States
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Last Update : Aug 25, 2020 6:52 AM
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Item  Owner  : B2B
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