While filing ITR for busines, if we don't show secured loan (like taken for purchase of business machinery) and also we don't show that machinery in assets, will income tax department come to know from some other source (like AIR from bank or other agency) that we have hidden the facts?
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Disclosure of information in income tax return
Replies (3)
Surely but it will take time nearly 5 year's. At that time u will be ready for clarification
yes of course... at least now show it in your itr
@ Mr. Yog Raj, Better to show all details in ITR. if you not show problems arises (How can entered in your accounting system such entries without showing loan, Assets)
Income Tax department already given contract to L & T company for artificial intelligence services from big data analysis from various sources like activity on social media, bank, aboard tour etc
Income Tax department already given contract to L & T company for artificial intelligence services from big data analysis from various sources like activity on social media, bank, aboard tour etc
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