[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-394757-105":3,"detail-sidebar-cat-0-en-105":81,"doc-detail-394757-en":130},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":74,"head_meta":76,"extra_data":78,"updated_unix":80},105,"en","income-tax-and-gst-vi-semester-core-course-bcm6-b12","INCOME TAX AND GST - VI Semester - Core Course (BCM6 B12)","","Study material for the B.Com (2019 admission onwards) VI Semester Core Course BCM6 B12 on Income Tax and GST. The content begins with Module I, focusing on aggregation of income and deemed income. It explains situations where amounts are treated as income though not originally in the nature of income, the role of the Assessing Officer in calling for explanations, and consequences when explanations are absent or unsatisfactory. It covers sections 68 to 69D including cash credits, unexplained investments, unexplained money, partially disclosed investments, unexplained expenditure, and hundi-related borrowing or repayment, followed by an introduction to clubbing of income under Section 64.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/exam/","Exam",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/document/income-tax-and-gst-vi-semester-core-course-bcm6-b12/394757/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/income-tax-and-gst-vi-semester-core-course-bcm6-b12/394757.png","ImageObject",300,407,{"name":42,"@type":43},"วิน","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-11-08","2026-09-26",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",8,{"@type":57,"mainEntity":58},"FAQPage",[59,65,69],{"name":60,"@type":61,"acceptedAnswer":62},"What is meant by aggregation of income and deemed income in income tax?","Question",{"text":63,"@type":64},"Deemed income refers to amounts treated as income for the assessee even when they are not actually in the nature of income. Such amounts must be aggregated with the assessee’s income.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"When can cash credits under Section 68 be treated as income?",{"text":68,"@type":64},"If a sum is credited in the assessee’s books for a previous year and the assessee offers no explanation about the nature and source, or the Assessing Officer finds the explanation unsatisfactory, the credited sum may be charged to income-tax as the assessee’s income.",{"name":70,"@type":61,"acceptedAnswer":71},"What is clubbing of income under Section 64?",{"text":72,"@type":64},"Clubbing of income means adding the income of another person—mostly family members—to the assessee’s income. It is permitted under Section 64 of the Income Tax Act, subject to specified restrictions and scenarios.","https://schema.org",{"og:url":32,"og:type":75,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":77,"canonical":32},"index,follow",{"doc_id":79,"site_id":7},394757,1791159802,{"code":4,"msg":82,"data":83},"success",[84,88,92,95,100,105,110,114,119,122,126],{"id":22,"doc_module":4,"doc_module_name":25,"category_name":85,"show_sort_weight":86,"slug":87},"Story & Novel",90,"story-novel",{"id":26,"doc_module":4,"doc_module_name":25,"category_name":89,"show_sort_weight":90,"slug":91},"Literature",80,"literature",{"id":33,"doc_module":4,"doc_module_name":25,"category_name":29,"show_sort_weight":93,"slug":94},70,"exam",{"id":96,"doc_module":4,"doc_module_name":25,"category_name":97,"show_sort_weight":98,"slug":99},5,"Comic",60,"comic",{"id":101,"doc_module":4,"doc_module_name":25,"category_name":102,"show_sort_weight":103,"slug":104},6,"Technology",50,"technology",{"id":106,"doc_module":4,"doc_module_name":25,"category_name":107,"show_sort_weight":108,"slug":109},7,"Healthcare",40,"healthcare",{"id":55,"doc_module":4,"doc_module_name":25,"category_name":111,"show_sort_weight":112,"slug":113},"Research & Report",30,"research-report",{"id":115,"doc_module":4,"doc_module_name":25,"category_name":116,"show_sort_weight":117,"slug":118},9,"Religion & Spirituality",20,"religion-spirituality",{"id":117,"doc_module":4,"doc_module_name":25,"category_name":120,"show_sort_weight":117,"slug":121},"World Cup","world-cup",{"id":123,"doc_module":4,"doc_module_name":25,"category_name":124,"show_sort_weight":123,"slug":125},10,"Lifestyle","lifestyle",{"id":127,"doc_module":4,"doc_module_name":25,"category_name":128,"show_sort_weight":96,"slug":129},19,"General","general",{"code":4,"msg":82,"data":131},{"doc_id":79,"user_id":132,"nickname":42,"user_avatar":133,"doc_module":4,"category_id":33,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":55,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":139,"language":140,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":12,"update_tm":144,"read_time":145,"preview_page_count":4},2336475104736,"https://ap-avatar.wpscdn.com/avatar/22000c4c5e0e5b17e70?x-image-process=image/resize,m_fixed,w_180,h_180&k=1786591360781797222","INCOME TAX AND GST  \nVI SEMESTER  \nCORE COURSE: BCM6 B12  \nB.Com.  \n(2019 Admission onwards)  \nCBCSS  \nUNIVERSITY OF CALICUT  \nSchool of Distance Education, Calicut University P.O., Malappuram-673 635, Kerala.  \nUNIVERSITY OF CALICUT School of Distance Education Study Material  \nVI Semester  \nCore Course (BCM6 B12)  \nB.Com.  \nINCOME TAX AND GST Prepared by:  \nModule I : Rajan P,  \nAssistant Professor,  \nSDE, University of Calicut.  \nModule II : Dr. Siddeeque P,  \nAssistant Professor,  \nSDE, University of Calicut.  \nModule III, IV & V:  \nDr. Sudheesh S,  \nAssistant Professor,  \nSDE, University of Calicut.  \nScrutinized by:  \nDr. Rijila P T,  \nAssistant Professor,  \nSDE, University of Calicut.  \n\n| DISCLAIMER |\n| --- |\n| “The author(s) shall be solely responsible for the content and views expressed in this book” |\n\n\n| CONTENTS |  |  |\n| --- | --- | --- |\n| MODULE | PARTICULARS | PAGE\u003Cbr>NO. |\n| I | INCOME TAX CONTD: | 5 |\n| II | INCOME TAX\u003Cbr>AUTHORITIES | 71 |\n| III | GOODS AND SERVICES TAX | 112 |\n| IV | REGISTRATION | 141 |\n| V | PAYMENT OF TAX, INTEREST, PENALTY AND OTHER AMOUNTS | 168 |\n\nModule I Income Tax Contd:  \nAggregation of Income/Deemed Income  \nIn certain cases, some amounts are deemed as income in the hands of the assessee though they are actually not in the nature of income. These cases are contained in sections 68, 69, 69A, 69B, 69C and 69D. The Assessing Officer may require the assessee to furnish explanation in such cases. If the assessee does not offer any explanation or the explanation offered by the assessee is not satisfactory, the amounts referred to in these sections would be deemed to be the income of the assessee. Such amounts have to be aggregated with the assessee’s income.  \n1) Cash Credits (Sec 68): 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 thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year.  \n2) Unexplained Investments (Sec 69): Where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered by him Income Tax and GST 5  \nis not, in the opinion of the Assessing Officer, satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year.  \n3) Unexplained Money, etc., (Sec 69A): Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him isnot, in the opinion of the Assessing Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year.  \n4) Amount of Investments, etc., Not Fully Disclosed in Books of Account (69B): Where in any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, and the Assessing Officer finds that the amount expended on making such investments or in acquiring such bullion, jewellery or other valuable article exceeds the amount recorded in this behalf in the books of account maintained by the assessee for any source of income, and the assessee offers no explanation about such excess amount or the explanation offered by him is not, in the opinion of the Ass","cbCaifVmhTBjqQyv","https://ap.wps.com/l/cbCaifVmhTBjqQyv","pdf",814553,207,"English","# Contents\n## Module I: Income Tax Contd\n### Aggregation of Income / Deemed Income\n### Cash Credits (Sec 68)\n### Unexplained Investments (Sec 69)\n### Unexplained Money etc. (Sec 69A)\n### Investments not fully disclosed (Sec 69B)\n### Unexplained Expenditure (Sec 69C)\n### Borrowed or Repaid on Hundi (Sec 69D)\n### Income of other persons included in assessee’s total income (Clubbing of Income)","[{\"question\":\"What is meant by aggregation of income and deemed income in income tax?\",\"answer\":\"Deemed income refers to amounts treated as income for the assessee even when they are not actually in the nature of income. Such amounts must be aggregated with the assessee’s income.\"},{\"question\":\"When can cash credits under Section 68 be treated as income?\",\"answer\":\"If a sum is credited in the assessee’s books for a previous year and the assessee offers no explanation about the nature and source, or the Assessing Officer finds the explanation unsatisfactory, the credited sum may be charged to income-tax as the assessee’s income.\"},{\"question\":\"What is clubbing of income under Section 64?\",\"answer\":\"Clubbing of income means adding the income of another person—mostly family members—to the assessee’s income. It is permitted under Section 64 of the Income Tax Act, subject to specified restrictions and scenarios.\"}]","INCOME TAX AND GST - VI Semester - Core Course (BCM6 B12) | PDF",1790411231,522]