Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Filing of IT return


One of my friend is doing money lending business. He prefers to file IT return for the AY 2020 - 21 under Section 44AD ( ITR 4 ).
If we assume that, the total collections for the year is Rs.25 lakhs, out of which, Rs. 4 lakhs is the interest and the remaining is repayment of principal by the borrowers, can he show Rs. 25 lakhs as gross receipts and Rs. 4 lakhs as earnings ( Profit ) ?

Is it correct to show the total collection, including principal and interest, in the Gross Receipts ?

Pls. Advice.

Bajaj Finserv

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Trending Tags

Do you have any Queries