If one receives an amount of 5lakhs through cheque in March 2014 and return those 5 lakhs through a/c payee cheque to the same person in May 2014. Does he have to declare this in IT Return filed in June 2014 for 2013-14?
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5 lakh cheque received | tax implications
Replies (4)
Dear Mr. Sharma
No need to declare such transaction of Rs. 5 Lac in ITR.
(Assuming that this is a kind of unsecured loan type transaction)
If you are preparing balance sheet, you have to show 5 L received as unsecured loan for Fy 2013-14.
but if its cover in audit... than in form 3cd detail it is shown as loan taken during the year
This is for a salaried employee. No balance sheet in picture. Since the money is returned, so the query is around whether to mention this in the ITR or not.
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