Unsecured loan amount in cash
This query is : Resolved
yogesh mahajan
(Querist)
28 May 2019
Dear expert,
I have field my income tax return AY-2018-19 u/s 44 ad presumptive income at the time filling of return i have shown unsecured loan amount Rs.105000/- and i have taken loan in cash hence my query is above transaction is liable for penalty.
Thanks & Regards
I have field my income tax return AY-2018-19 u/s 44 ad presumptive income at the time filling of return i have shown unsecured loan amount Rs.105000/- and i have taken loan in cash hence my query is above transaction is liable for penalty.
Thanks & Regards
CA R SEETHARAMAN
(Expert)
28 May 2019
Loan taken in cash above 10,000 is liable for penalty. As you have filed return u/s 44AD you may escape from penalty.
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