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of <h1>Finance Bill 2022 Amends Section 68 of Income-tax Act: New Rules for Cash Credit Explanations Effective April 2023.</h1> Clause 17 of the Finance Bill, 2022, amends section 68 of the Income-tax Act concerning cash credits, effective April 1, 2023. It introduces a new proviso stipulating that if a credited sum is a loan or borrowing, the explanation by the assessee is deemed unsatisfactory unless the person in whose name the credit is recorded also provides a satisfactory explanation about the nature and source of the sum, as assessed by the Assessing Officer. Additionally, it includes consequential amendments to the existing provisos, applicable from the assessment year 2023-2024 onwards.
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