INCOME TAX QUERY FY25-26()\
This query is : Resolved
Quick Summary
27 March 2026
• ✔️ Interest from loan to friend → taxable under Income from Other Sources (Sec 56)
• ⚠️ Giving loan in cash may violate Sec 269SS (penalty risk exists)
• ✔️ Trading income can be shown as business if consistent approach followed
• ✔️ Use ITR-3 due to business income
• ✔️ Senior citizen deduction (80TTB) applies only to bank interest—not private loan interest
• ⚠️ Giving loan in cash may violate Sec 269SS (penalty risk exists)
• ✔️ Trading income can be shown as business if consistent approach followed
• ✔️ Use ITR-3 due to business income
• ✔️ Senior citizen deduction (80TTB) applies only to bank interest—not private loan interest
30 March 2026
Thanks very much. ........................................................................................................
02 April 2026
As per section 185 IT act, 2025.....
(1) No person shall take or accept from another person any loan or deposit or specified sum, except through—
(a) an account payee cheque; or
(b) account payee bank draft; or
(c) electronic clearing system through a bank account; or
(d) any other prescribed electronic mode,
if,—
(i) the amount or the aggregate amount of such loan, deposit, or specified sum; or
(ii) the amount or the aggregate amount of any previously taken or accepted loan or deposit or specified sum by such person from such another person, which is remaining unpaid, whether due for repayment or not, as on the date of taking or accepting such amount as referred to in clause (i); or
(iii) the aggregate of the amounts referred to in clauses (i) and (ii),
is ₹ 20000 or more.
(1) No person shall take or accept from another person any loan or deposit or specified sum, except through—
(a) an account payee cheque; or
(b) account payee bank draft; or
(c) electronic clearing system through a bank account; or
(d) any other prescribed electronic mode,
if,—
(i) the amount or the aggregate amount of such loan, deposit, or specified sum; or
(ii) the amount or the aggregate amount of any previously taken or accepted loan or deposit or specified sum by such person from such another person, which is remaining unpaid, whether due for repayment or not, as on the date of taking or accepting such amount as referred to in clause (i); or
(iii) the aggregate of the amounts referred to in clauses (i) and (ii),
is ₹ 20000 or more.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Sale of Equity shares for Purchase of Residential Property
- ECO SUPPLY REPORTIONG IN GSTR-1
- TDS PROCEDURE ON SALE OF IMMOVABLE PROPERTY BY NRI
- Payment to foreign customer
- Non issue of e way bill
- Subscription paid to foreign customer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
