Return For interest income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2011 a person doing the business of finance money to local persons at monthly interest of 2%. But it is not shown on the records.

He earned Rs. 250000 during year. Now he want to show it as white money and pay tax to department.

Can he file income tax return for it . He has no proper record of such income.

U S Sharma

U S Sharma (Expert)
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04 July 2011 GET PAN 1st,and get in touch with Local CA with all bank records and calculation of interest earned with details of borrowers,
he will help you to file the return.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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05 July 2011 It is very difficult. If you show loans to the persons then they should also be in a position to accept that they have taken the loan.

It is better you hire a Chartered Accountant and get your things planned on payment of his fees. I think your problem can be solved.

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