TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>New Rule Blocks Loss Offsets Against Undisclosed Income Found in Tax Searches Per Section 79A, Finance Act 2022.</h1> Section 79A of the Income Tax Act, introduced by the Finance Act, 2022, prohibits the set-off of losses against undisclosed income discovered during searches, requisitions, or surveys under specified sections. This includes any income not recorded or disclosed prior to such actions. Undisclosed income encompasses money, valuables, or false expense entries not previously documented or revealed to tax authorities. The provision ensures that any undisclosed income identified in such investigations cannot be offset by losses or unabsorbed depreciation, affecting the computation of total income for the relevant year.
TaxTMI 
TaxTMI 
