Can we declare higher (than actual) income in ITR?

663 views 6 replies

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.

Replies (6)
Please go to Consult Your Consultant...
Based on your business turnover and source of income
Income generation is based on nature and style of your business,
For loans & credit card you may also income increase some percentage than the last Financial Year


It Will be Create a good Record for loans also in Income Tax Department
This is not the forum where such types of advices you should expect. Ethically too this is not right .
Better you approach your consultant
Yes I agree to experts, please consult your CA

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