I have a friend doing Tourinst Guide work having annual income of around 2 lakhs,now he wants personal loan of Rs 5 lakh, banks want ITR of at least 3.80 lakhs. I have to make ITR of his, he is willing to give tax and interest for two year's return that I will file. Please Explain what more income can be added.
Menu
Arrangement for loan
Replies (9)
You shud revised the return ( if it can be according to time limits) and increased the business income or add some other income.
your client have no more liability id u show income around 3.8 l and take maximum deduction avliable accordingly
INCOME FROM
1) SALARY
2) BUSINESS
3) HOUSE PROPERTY
4) CAPITAL GAINS (SHARES, STOCK)
6) OTHERS SOURCES E.G CLUBBING, LOTTERY ETC
| Originally posted by : vardan | ||
 |
INCOME FROM 1) SALARY 2) BUSINESS 3) HOUSE PROPERTY 4) CAPITAL GAINS (SHARES, STOCK) 6) OTHERS SOURCES E.G CLUBBING, LOTTERY ETC |
 |
i never expected such a idiotic reply.
| Originally posted by : PiyushAgrawal | ||
|
You shud revised the return ( if it can be according to time limits) and increased the business income or add some other income. | |
dont you understand english, i have already written that i have to file returns for 2 yrs, your answer is useless
binod ji, which income should i show to be most safe. e.g. if i show salary income i have to make arrangement for a fake employer who can accept it.
tution income is not considered by bank.
What i mean to ask is which will be the safest way to increase it
Show Business receipts around 5 lakhs in 1st year and Declare profit of Rs 3 lacs. And for 2nd year show business receipts for Rs 6.5 Lacs and declare profit aromud Rs 3.8 lacs.
To avoid interest u/s 234B & 234C , File return of income on Estimation Basis as sec 44AD.
If he show receipt 6.5 lacs than what about VAT ? ???
| Originally posted by : ghewarchand | ||
|
If he show receipt 6.5 lacs than what about VAT ? ??? | |
He is clearly writing that his friend is engaged as Guide to Tourist. So how does the concept of VAT arises here. He is not involved in Trading Business. And he might have to pay service tax but turnover is within speified limit, so no liability arises here as well.
Recent Threads
- Deferment period for Advance Tax under Section 234
- Permanant transfer of duty free goods by Advance A
- 1% TDS Deduction on Property purchase through inst
- Tax on leave encashment on retirement
- Guidance Required on Notices Under Section 234B Af
- Rcm invoices and normal invoice
- Regarding STCG on Equity
- GSTR 9 details with same PAN & different Turno
- Hotel ITC
- ITR for Trust- 12A
Related Threads
CAclubindia
