overstating income
This query is : Open
Rajesh Jain
(Querist)
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
(Expert)
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
(Expert)
26 June 2017
You can do this........ for raising your capital.
Nischit Sanghavi
(Expert)
26 June 2017
but legally it's not advisable
people do this to show hike in their capital only
CA Rashmi Gandhi
(Expert)
26 June 2017
Its not advisable but maximum persons do it for getting loan & showing high capital in their accounts.
Rajesh Jain
(Querist)
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
(Expert)
27 June 2017
When you are declaring more income than what you earn how you come in scrutiny.
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