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of <h1>Tax Bill Requires Dual Explanations for Unexplained Credits and Loans While Exempting Venture Capital Funds</h1> Clause 102 of the Income Tax Bill, 2025 addresses unexplained credits in taxpayers' financial records, expanding upon Section 68 of the 1961 Act. The provision deems unexplained sums in accounting books as taxable income unless satisfactorily explained. Key features include requiring dual explanations from both the assessee and the creditor for loans and borrowings, specific provisions for share application money in privately-held companies, and exemptions for venture capital funds. This represents a more comprehensive approach than the 1961 legislation, with stricter requirements aimed at curbing tax evasion through unaccounted money or fictitious entries while balancing the need to promote legitimate investment in high-risk ventures.
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