Section 195 — Tax on income referred to in sections 102 to 106
Old Act equivalent: Section 115BBE of IT Act 1961 Sub-part: A—Determination of tax in certain special cases
Statutory Text
- (1) Where the total income of an assessee—
(a) includes any income referred to in section 102 or 103 or 104 or 105 or 106 and reflected in the return of income furnished under section 263; or
(b) determined by the Assessing Officer includes any income referred to in any of the said section 102 or 103 or 104 or 105 or 10653, if such income is not covered under clause (a), the income-tax payable shall be the aggregate of—
(i) income-tax calculated on the income referred to in clauses (a) and (b), at the rate of [30%]; and
(ii) income-tax with which the assessee would have been chargeable had his total income been reduced by income referred to in clause (i). (2) Irrespective of anything contained in this Act, no deduction in respect of any expenditure or allowance or set off of any loss shall be allowed to the assessee under any provision of this Act in computing his income referred to in sub-section (1)(a) and (b). B.—Special provisions relating to tax on capital gains Tax on short-term capital gains in certain cases.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Any assessee with income under sections 102-106 (unexplained cash credits, investments, money, expenditure, high-value transactions).
- Conditions: Income included in return or determined by AO; taxed at 30%.
- Time limits: None.
- Monetary limits: Flat 30% on unexplained income.
- Exceptions: No deduction for expenditure/allowance or set-off of losses allowed.
Cross-References
- Section 102
- Section 263
Amendment Notes
None noted from the extracted pages.