Loans taken and given
This query is : Open
10 July 2018
Dear sir,
one of my client is a salaried person, having the taxable salary and also interest income on FDs' on which TDS is done by the banker. When i am going through his bank statement, i observed that he has taken the loans by cheque and also repaid the loans by cheque and such loans taken and given are also in huge and big amounts.
Now i am filing his income tax return in ITR-1. My doubt is that whether do we have to show all these loans taken and loans given ( that are reflected in the bank statement)
Kindly advice.
one of my client is a salaried person, having the taxable salary and also interest income on FDs' on which TDS is done by the banker. When i am going through his bank statement, i observed that he has taken the loans by cheque and also repaid the loans by cheque and such loans taken and given are also in huge and big amounts.
Now i am filing his income tax return in ITR-1. My doubt is that whether do we have to show all these loans taken and loans given ( that are reflected in the bank statement)
Kindly advice.
10 July 2018
If he is salaried person also he is received loan and repay with interest then no need to show it...
But,
In case he is give loan earn interest income then it ll be calculate interest income and Show it under IFOS. Even the interest receipt is very huge then file PGBP...
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