Tag Archives: Section 56

Rationalization of section 56 of the Income-tax Act

Finance Bill 2016 Rationalization of section 56 of the Income-tax Act The existing provisions of clause(vii) of sub-section 2 of section 56 of the Act provide for chargeability of income from other sources in case any money, immovable property or other property with or without consideration in excess of Rs 50,000 is received by an… Read More »