bhanu (article) (51 Points)
19 February 2014I 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.
PiyushAgrawal
(Chartered acooutant in practice)
(575 Points)
Replied 19 February 2014
Binod
(Student CA Final )
(386 Points)
Replied 19 February 2014
your client have no more liability id u show income around 3.8 l and take maximum deduction avliable accordingly
Vardan Singh Sengar
(Accounts Manager in Private Company)
(433 Points)
Replied 19 February 2014
INCOME FROM
1) SALARY
2) BUSINESS
3) HOUSE PROPERTY
4) CAPITAL GAINS (SHARES, STOCK)
6) OTHERS SOURCES E.G CLUBBING, LOTTERY ETC
bhanu
(article)
(51 Points)
Replied 19 February 2014
| 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
bhanu
(article)
(51 Points)
Replied 19 February 2014
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
Ashok Singh
(Practice)
(176 Points)
Replied 19 February 2014
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.
ghewarchand
(assisstant)
(23 Points)
Replied 19 February 2014
Ashok Singh
(Practice)
(176 Points)
Replied 26 February 2014
| 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.
CAclubindia
