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Filing of IT return


Sir,

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

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