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Income Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Undisclosed professional receipt u/s 69A - Year of assessment - ...


Undisclosed Receipts u/s 69A: Taxpayer's Advance Payment Ensures Revenue Neutrality for 2020-21 Assessment Year.

August 3, 2019

Case Laws     Income Tax     AT

Undisclosed professional receipt u/s 69A - Year of assessment - Cash basis of accounting - Assessee has paid advance tax on the amount in question in AY 2020-21 and undertaken to declare the amount for taxation, Revenue is not going to lose anything. It is merely a tax neutral exercise.

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