Income tax provisions for cash reciepts

This query is : Resolved

SHRMONEY (Querist)
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13 September 2012 A person not filing Income tax returns claims that:-

He received cash loan from friends for five lacks two years back., and this money he claims that he gave as an interest free loan to a friend for business need.

1) Whether he has erred in not filing the IT return = which section.

3) So he has also not filed advance tax return.

3) Now whether the money received from unknown creditors will be treated as his income. which section.

Please guide.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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13 September 2012 Not Income Treated.
If There is No Tax Liablity, Then No Need to File ITR.

SHRMONEY

SHRMONEY (Querist)
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19 September 2012 The person who claims to have received cash loan from undisclosed persons.

So whether it will not be concealed income and will added to the income of the borrower.

If so which sections of IT ACT will be attracted.

SHRMONEY

SHRMONEY (Querist)
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06 August 2015 There are many portal offering ITR services, which is better and cost effective.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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12 August 2015 Meeting and working in Personal with a Chartered Account is the best option.

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