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

Zaki Hamid (Mechanical Engineer) (26 Points)

30 October 2019  

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.