Question

Discuss the provisions of Income Tax Act regarding: (1) Dividend Income (2) Unexplained Cash Credit

Answer 1

Answer:

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Answer 2

Answer:

Provision for taxation is the provision made out of current profits to meet the taxobligation. There is a time gap between theprovision made and payment of the actual taxliability. So it serves as a source of short-term finance during the intermediate period.According to Section 68 of Income Tax Act1961, where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source of the same or the explanation offered by him is not satisfactory in the opinion of A.O., the sum so credited ...