Cash Credits u/s 68 of Income Tax Act: Finance Bill, 2022 mandates Explanation of Source of Funds in the Hands of Creditor or Entry Provider [Read Finance Bill]

By Taxscan Team - On February 1, 2022 3:19 pm - 2 mins read

Cash Credits - Income Tax Act - Finance Bill - Explanation - finance bill 2022 - Funds - Creditor - entry provider - budget 2022 - budgetscan - budget session - Taxscan

The Finance Bill, 2022 has mandated the Explanation of Source of Funds in the hands of creditor or entry provider. Section 68 of the Act provides that where any sum is found to be credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature…

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