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of <h1>Clause 102 of Income Tax Bill 2025: Unexplained Credits Taxed as Income, Includes Loans, Borrowings, and Private Company Shares.</h1> Clause 102 of the Income Tax Bill, 2025, addresses unexplained credits in an assessee's books. If a sum is credited and the assessee fails to provide a satisfactory explanation about its nature and source, it will be taxed as income for that year. For loans or borrowings, the explanation is deemed unsatisfactory unless the person named in the credit also provides a satisfactory explanation. For private companies, share-related credits require a satisfactory explanation from the named resident. Exceptions apply for venture capital funds or companies as per Schedule V.
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