GOLD LOAN FROM BANKS LARGE AMOUNT AND SALE TURNOVER SMALL ACCEPTED
This query is : Resolved
Kollipara Sundaraiah
(Querist)
19 January 2022
SIR,
It assessee small business turnover rs: 30 lacs yearly. if assessee gold loan from banks rs:8 lacs own name rs:14 lacs loan wife name received and rs:10 lacs amount cash loan paid to relatives and friends.
Question:
1.Assessee sales turnover is low and Gold loans from banks rs:14+8= 22 lacs show in balance sheet accepted in it act.
2.Interest collected from cash debtors accepted in it act.
It assessee small business turnover rs: 30 lacs yearly. if assessee gold loan from banks rs:8 lacs own name rs:14 lacs loan wife name received and rs:10 lacs amount cash loan paid to relatives and friends.
Question:
1.Assessee sales turnover is low and Gold loans from banks rs:14+8= 22 lacs show in balance sheet accepted in it act.
2.Interest collected from cash debtors accepted in it act.
Dhirajlal Rambhia
(Expert)
19 January 2022
1. Yes, accepted.
2. Yes, provided transacted through banking channel. Declare it for tax assessment.
2. Yes, provided transacted through banking channel. Declare it for tax assessment.
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