Taxation of Undisclosed Income under Income Tax Law (As Amended by Finance Act, 2022)

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Description
In the recent years, probably no economic issue has covered more space than Black Money. The unaccounted income commonly spoken as black money is income from the parallel economy and is known by different names: informal, unofficial, irregular, second, underground, subterranean, hidden, invisible, unrecorded or shadow economy. The unaccounted or black economy means different things to different people. This Book aims at discussing tax treatment of all sorts of incomes from undisclosed sources. The whole book has been devised with the objective of providing a thorough and analytical study of the provisions which are generally sought to be invoked by tax authorities at the time of carrying out a scrutiny assessment or while completing the assessment in pursuance of a search or survey under the Income Tax Act, 1961. Undisclosed income is the income which the assessee has not shown in the Income Tax Return and thereby not paid income-tax on it. The primary objective of the Income-tax Department is to detect such undisclosed income and bring the same under the tax net.
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Contents
Chapter 01 :  Introduction
Chapter 02 :  Generating undisclosed Income by Manipulation of Accounts
Chapter 03 :  Unexplained Cash Credit
Chapter 04 :  Cash Deposits in Bank
Chapter 05 :  Deposit Found in Foreign Bank Account
Chapter 06 :  Peak Credit Theory
Chapter 07 :  Theory of Telescoping in Determining the Taxablity of Undisclosed Income
Chapter 08 :  Surrounding Circumstances and Test of Applying Human Probabilities
Chapter 09 :  Credits in Firm's BooK
Chapter 10 :  Unexplained Investments
Chapter 11 :  bogus Purchases
Chapter 12 :  Share Capital, Share Application Money and Share Premium
Chapter 13 :  Bogus Capital Gains from Penny Stocks
Chapter 14 :  Income earned in providing the accommodation entries
Chapter 15 :  Unexplained Money, Etc.
Chapter 16 :  Amount of Investments, Etc. not of fully Disclosed in Books of Account
Chapter 17 :  Unexplained expenditure
Chapter 18 :  Amount Borrowed or Repaid on Hundi
Chapter 19 :  Unaccounted Purchases & Sales
Chapter 20 :  Discrepancies in Stock
Chapter 21 :  Payment of On-money for Purchase of Property
Chapter 22 :  Gifts
Chapter 23 :  Tax on Income Referred to in Section 68 or Section 69 or Section 69A
                        or Section 69B or Section 69C or Section 69D
Chapter 24 :  Penalty on Undisclosed Income
Chapter 25 :  The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Chapter 26 :  Client Code Modification (CCM)
Chapter 27 :  Concept of Real Income Theory under Income Tax Laws
Chapter 28 :  Amnesty & Voluntary Disclosure of Income Scheme
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Author Details
Ram Dutt Sharma was born on 27th June, 1958 in Narnaul, Haryana. He got rds post-graduation from M.D. University, Rohtak in 1980. He joined the Income-tax Department in the year 1983and retiredas Income Tax Officer on 30.06.2018. He worked at various stations of North-West Region of Income-tax Department. He has wide experience of all wings of Income-tax Department such as Assessment Unit, Special Range, TDS Wing, Investigation Wing, etc. He has been Contributing articles and addressing on topics relating to Income Tax at Direct Tax, Regional Training Institute, Chandigarh. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations.