https://www.taxtmi.com/manuals?id=6811 Amounts borrowed on or repaid by hundi otherwise than through an account-payee bank cheque are deemed income of the borrower or repayer for the year in which the transaction occurs, with repayment including interest. When total income includes such deemed unexplained amounts, a special tax treatment applies: those amounts are taxed under a distinct regime with no deduction or set-off allowed, an additional surcharge increases the computed tax, and designated officers may impose an extra penalty on the tax payable unless the income was declared and taxed under the special provisions in the return. en-us Mon, 13 Jan 2025 11:49:00 +0530 Mon, 13 Jan 2025 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=6811 Amounts borrowed on or repaid by hundi otherwise than through an account-payee bank cheque are deemed income of the borrower or repayer for the year in which the transaction occurs, with repayment including interest. When total income includes such deemed unexplained amounts, a special tax treatment applies: those amounts are taxed under a distinct regime with no deduction or set-off allowed, an additional surcharge increases the computed tax, and designated officers may impose an extra penalty on the tax payable unless the income was declared and taxed under the special provisions in the return. Manuals Income Tax Mon, 13 Jan 2025 11:49:00 +0530 https://www.taxtmi.com/manuals?id=6811