Hello everyone!
I am a self-employed individual (proprietorship firm), have been regularly filing ITRs. Since last year my total income is coming below the threshold (around 2 lakhs, and before that it came 1.75 lakhs).
My question is, can I declare higher income in ITR (say 3.5 lakhs, 4 lakhs, etc.) and pay whatever the taxes?
I want to do this to maintain a good income record for the purpose of loans/credit card.
Let me know your opinions.
Thank you for your time.
CAclubindia
