https://www.taxtmi.com/manuals?id=6808 Unexplained money, bullion, jewellery or valuables not recorded in books and unexplained by the assessee may be deemed income for the year; such deemed income is taxed under a special provision requiring tax on that income plus tax on the rest of total income, with no deductions or set offs allowed, and a surcharge applies. Designated officers may impose an additional penalty based on tax payable on the deemed income, but no penalty is levied if the income is disclosed in return and the special tax paid within the relevant year; imposition of that penalty precludes a separate general penalty on the same income. en-us Mon, 13 Jan 2025 11:46:00 +0530 Mon, 13 Jan 2025 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=6808 Unexplained money, bullion, jewellery or valuables not recorded in books and unexplained by the assessee may be deemed income for the year; such deemed income is taxed under a special provision requiring tax on that income plus tax on the rest of total income, with no deductions or set offs allowed, and a surcharge applies. Designated officers may impose an additional penalty based on tax payable on the deemed income, but no penalty is levied if the income is disclosed in return and the special tax paid within the relevant year; imposition of that penalty precludes a separate general penalty on the same income. Manuals Income Tax Mon, 13 Jan 2025 11:46:00 +0530 https://www.taxtmi.com/manuals?id=6808