https://www.taxtmi.com/forum/issue?id=120047 Unexplained credits in an NRO bank account, including alleged loans from friends that lack repayment or corroboration and receipts of unknown origin, are to be treated as deemed income under Section 56(2)(x) and charged to tax under the head Income from Other Sources. If the original return was not filed on time, these receipts should be disclosed in an Updated Return with appropriate tax payment, since absent acceptable explanation or documentation they cannot be characterised as genuine loans or excluded under the provisos to the deeming provision. en-us Sat, 24 May 2025 22:38:05 +0530 Sun, 25 May 2025 11:30:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=120047 Unexplained credits in an NRO bank account, including alleged loans from friends that lack repayment or corroboration and receipts of unknown origin, are to be treated as deemed income under Section 56(2)(x) and charged to tax under the head Income from Other Sources. If the original return was not filed on time, these receipts should be disclosed in an Updated Return with appropriate tax payment, since absent acceptable explanation or documentation they cannot be characterised as genuine loans or excluded under the provisos to the deeming provision. Discussion-Forum Income Tax Sat, 24 May 2025 22:38:05 +0530 https://www.taxtmi.com/forum/issue?id=120047