Tag Archives: Income tax

No Unexplained Cash Addition Under Section 69A When Income Declared Under Presumptive Taxation

By | January 9, 2025
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No Unexplained Cash Addition Under Section 69A When Income Declared Under Presumptive Taxation : ITAT Summary  : The ITAT Mumbai held that when an assessee declares income under the presumptive taxation scheme, Section 69A cannot be used to treat cash deposits as unexplained income, especially when there is no evidence of income from any other… Read More »

What is Off-market debit transactions in AIS on Income Tax Portal

By | May 16, 2024
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What is Off-market debit transactions in AIS on Income Tax Portal Off-market debit transactions are one of the 57 types of financial transactions reported in the Annual Information Statement (AIS) by the Income Tax Department in India. Here’s a breakdown of what it means: Off-Market Transactions: These are transactions that occur directly between two parties,… Read More »