overstating income

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Rajesh Jain

Rajesh Jain (Querist)
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26 June 2017 what happens if a person with 1.5 lakh income yearly files return for 2.5 lakhs is this legally ok

Nischit Sanghavi

Nischit Sanghavi (Expert)
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26 June 2017 How how can show your income more then your real income. As you are not falling under taxable income you can do so but it's not advisable people do this for availing loan from bank

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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26 June 2017 You can do this........ for raising your capital.

Nischit Sanghavi

Nischit Sanghavi (Expert)
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26 June 2017 but legally it's not advisable people do this to show hike in their capital only

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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26 June 2017 Its not advisable but maximum persons do it for getting loan & showing high capital in their accounts.

Rajesh Jain

Rajesh Jain (Querist)
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26 June 2017 what happens if any case of scrutiny and the assessee is not able to provide income source to the dept

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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27 June 2017 When you are declaring more income than what you earn how you come in scrutiny.

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